Is it still a Sellers Market?

The real estate market has been experiencing a lot of changes in the past few years. It's been a rollercoaster ride for both home buyers and sellers. But the burning question on everyone's mind is whether it's still a seller's market or not. Let's dive into what's been happening in the market lately and what it means for buyers and sellers.

Real Estate News

According to the National Association of Realtors, existing-home sales continued to rise, with sales reaching a 14-year high. However, even with the increase in sales, inventory levels remain low. The number of homes for sale is down by 21.9% compared to the same time last year.

Inventory Shortages

The low inventory of homes for sale has been one of the main factors driving the seller's market. With fewer homes available, buyers are competing with each other to purchase available properties, driving up prices. This has been great for sellers, as they have been able to sell their homes quickly and for top dollar.

However, the shortage of inventory is causing problems for buyers trying to enter the market. With fewer homes available, some buyers are struggling to find a home that meets their needs and budget.

Balanced List to Sold Ratio

While the market still favors sellers, we are starting to see a shift towards a more balanced market. The list-to-sold ratio is a good indicator of how quickly homes are selling. A ratio of 100% means that homes are selling as soon as they are listed. A ratio of less than 100% means that homes are taking longer to sell.

Currently, the list-to-sold ratio is hovering around 95%. This means that homes are still selling quickly, but buyers have a bit more time to make decisions. This shift towards a more balanced market is good news for both buyers and sellers.

Intelligently Priced Listings Receive Offers

One of the most important factors for sellers to consider is pricing their home correctly. Overpricing your home can lead to it sitting on the market for too long, which can be a turn-off for buyers. On the other hand, pricing your home too low can result in leaving money on the table.

Homes that are priced intelligently are receiving offers quickly and for top dollar. With the current shortage of inventory, sellers should take advantage of this by pricing their homes competitively.

In conclusion, while the market is still favoring sellers, we are seeing a shift towards a more balanced market. Buyers have a bit more time to make decisions, but homes are still selling quickly. With the right pricing strategy, sellers can take advantage of the current market conditions and sell their homes quickly and for top dollar.