What You Should Know About Selling in a Seller’s Market

You’ve likely heard about the current seller’s market even if you haven’t been following real estate news. That’s because there’s a lot of talk about how strong market conditions are for people who want to sell their houses. But if you’re thinking about listing your home, you probably want to know: what does being in a seller’s market mean?

What is a Seller’s Market?

Due to low supply and high demand, today is one of the strongest seller’s markets we’ve seen. Sellers can benefit from more offers, higher home values, and a faster sales process.

There is a one-week supply of homes in Colorado at the current sales pace. Historically, a 6-month supply is necessary for a normal or neutral market with enough homes available for active buyers. That puts today deep in seller’s market territory.

What Does This Mean for Your When You Sell?

When the supply of houses for sale is as low as it is right now, it’s much harder for buyers to find homes to purchase. That creates increased competition among purchasers, leading to more bidding wars. And if buyers know they may be entering a bidding war, they will do their best to submit a very attractive offer up front. This could drive the final price of your house up.

Because mortgage rates and home prices are climbing, serious buyers are motivated to make their purchase soon, before those two things rise further. If you put your house on the market while supply is still low, it will likely get a lot of attention from competitive buyers

The current real estate market has incredible opportunities for homeowners looking to make a move. Listing your house this season means you’ll be in front of serious buyers who are ready to buy. If you are thinking about selling your home, be sure to first connect with an agent so you can jumpstart the selling process.