We go over the main points to define what a seller’s market is.
Today we’re going to talk about what a seller’s market is. A seller’s market generally favors the home seller. It means that the supply of homes is thin and there’s not enough inventory to meet the buyer demand.
What are the signs of a seller’s market? Homes selling over asking price, multiple offer bids, bidding wars, and low inventory all indicate that we’re in a seller’s market.
What does it mean for a seller? You’ll likely see multiple offers, you may get more than your asking price, and your home will sell quickly. You also probably won’t have to make many concessions or negotiate. Many buyers are submitting large due diligence deposits, which are non-refundable, in order to secure a home.
What does it mean for a buyer? Buyers are going to face stiff competition. In many cases, you’ll have to offer more than asking price if you want to get a home. You’ll also need to make concessions or waive contingencies and present clean contracts. Understand that there are fewer homes to choose from, and it could take a little longer to buy a home. It’s not uncommon to be outbid or see your offers rejected.
We can help you navigate this crazy market. If you have any real estate questions or topics you would like to have us cover in the future, feel free to reach out to us. We’d love to hear from you.