Strong Sellers Market
Seller’s Have Incredible Leverage in Today’s Real Estate Seller’s Market
With mortgage rates climbing above 3% for the first time in months, serious buyers are more motivated than ever to find a home before the end of the year. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), puts it best, saying:
“Housing demand remains strong as buyers likely want to secure a home before mortgage rates increase even further next year.”
“From one year ago, the inventory of unsold homes decreased 13%. . . .”
In West Hartford CT, when comparing October 2020 to October 2021, the number of new single family listings is down 4% from October 2020 levels. The supply of homes available in town is down 7%. The average time a home stays on the market is down to 25 days. The average closed prices of homes in West Hartford, CT are up 4% compared to October 2020.
What Does This Mean for Sellers Today?
With buyers eager to purchase but so few homes available, sellers who list their houses this fall will have a tremendous advantage – also known as leverage – when negotiating with buyers. That’s because, in today’s Sellers market, buyers want three things:
- To be the winning bid on their dream home.
- To buy before rates rise
- To buy before prices go even higher.
Sellers’ Market Leverage Can Help You Negotiate Your Best Terms
These three buyers’ needs give homeowners a leg up when selling their house. You might already realize this leverage enables you to sell at a good price, but it also means you can negotiate the best terms to suit your needs
And since buyer demand is still high, there’s a good chance you’ll get offers from multiple buyers who are willing to compete for your house. In this market, Sellers often get their preferred closing date, find Buyers willing to remove inspection contingencies and come to the table with cash. When this happens Sellers get to choose the most favorable offer with their preferred terms picking the one that suits them the best.
If you have questions about what’s best for your situation, your trusted real estate advisor can help. They have the expertise and are skilled negotiators in all stages of the sales process.
Today’s buyers in this market are motivated to purchase a home this year, and that’s great news if you’re thinking of selling call the Hoye Home Team. Let’s connect today to discuss how much leverage you have as a seller in today’s market.