WHAT IS A SELLERS MARKET? What is a seller's market and how does it impact the sale of your home?
Simply put, a seller's market has to do with supply and demand. In a seller's market, there are more buyers than there are available listings to purchase, so the buyer demand for housing far outweighs the inventory that is available to buy.
As you can imagine, this creates an environment within the market where there are sometimes 3-4 offers on a given home, causing buyers to bid higher in order to be the winning offer. Bidding wars and price escalations are also commonly seen during a seller's market, where buyers are competing against each other and will do whatever it takes to be the one to purchase an individual home.
How to measure if it’s a seller's market
A pretty typical metric that realtors use in the real estate world to measure whether we are in a seller's market is months of available inventory.
For example… If we hypothetically take all of the listings that are currently available, and we don’t have any more new inventory (new listings) come on the market, how long would it take that existing inventory to be snapped up by the buyer demand in that given moment?
The metric we look at is around 4-6 months for a balanced market. Anything less than 6 months is typically trending towards or is a seller's market.
In Seattle- for the last few years, we’ve only had sometimes a couple of weeks of inventory. There has been consistently between 1.5-2 months of inventory, which indicates a very strong seller's market.
So, if you’re considering selling your home and you want to yield the highest return possible, ask your local real estate professional or look up the statistic yourself: how many months of inventory does your local area have? This will tell you whether or not you are in a seller's market.
If you are in a seller's market, now is the time to strike and put your house on the market! You’ll have a lot more demand for your house than you might otherwise at some point in the future.
About David and Karen at Sturm Property Group:
David and Karen are easy to get to know and are fun to be around. They are local experts at selling homes and helping new buyers purchase a home, specifically in the Tehaleh, Bonney Lake, Sumner, Lake Tapps, Lakeland, Orting, Buckley, Enumclaw, and Puyallup areas.
Their real estate practice prides itself in offering a personalized concierge level of service, and are with you every step of the way, from your first home selling or buying strategy session to after your move out or move in.
They are your real estate advocate and quickly become your trusted knowledgeable friend who has your back and best interests at heart. They are sensitive to making sure that all your home buying or selling expectations are managed, and their attention to detail will make sure your real estate transaction goes smoothly.
David and Karen, pride themselves in providing a personal approach to Real Estate. As business professionals with over 30 years of successful experience in our respective fields of hospitably and nursing, we have a wealth of experience and knowledge serving others to assist in any situation. They utilize a collaborative approach with fellow real estate agents to get your house bought or sold.
Sturm Property Group utilizes a unique form of real estate marketing strategy when selling your home that includes: Geotargeting, Social Media Advertising, YouTube, and other online platforms. This proprietary process results in your property selling faster at a higher price. Their strength in negotiating is also one of the key components for securing the best real estate deal in this competitive market.
We look forward to having a conversation with you, please reach out to us, our contact information is below:
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