What You Need to Know About the Current Seller’s Market
Whether you are looking to sell your home or purchase a new one, you need to understand how the process works during a seller’s market. It’s not as straightforward as you may think.
While sellers may have the advantage, buyers can benefit too. This is even true with luxury homes since it’s predicted they will be easier to purchase this year.
Here’s what you need to know about the current seller’s market.
What Is a Seller’s Market?
It’s not uncommon to hear about the sellers vs. buyers’ market when it comes to the real estate market. But what does that mean?
Simply put, a seller’s market is when there are more potential home buyers than there are properties on the market. That means sellers have the advantage.
The opposite is a buyer’s market. This occurs when there are more houses for sale than there are buyers.
Currently, Due to continued low inventory levels this spring there are far more Buyers for homes than there are Sellers. This has caused the strong seller’s market to continue into the Spring Market of 2022. The Bidding wars and Sellers Highest and Best auction deadline dates are leading to higher home prices in West Hartford CT and the surrounding towns of Avon, Bloomfield, Farmington, Simsbury. The home buyers enthusiasm has not decreased with the rise in the mortgage interests rates that some had predicted. Presently, it has had the opposite effect causing many buyers to rush into the market to lock in their interest rates before they go much higher. This is also pressuring prices to rise further in the short term. We are in the middle of one of the hottest real estate markets in years, and it does not appear to be slowing down. This means different things depending on whether you are selling your home or looking to buy.
Selling Your Home During a Seller’s Market
Luxury home selling may be easier when the housing market is hot, but that doesn’t mean your property will sell itself. Even during a seller’s market, it helps to price your home fairly, at either at market value or just below market value. The market value is an estimate of what the property will sell for.
A professional appraisal can help you determine the right market value of a property. Or you could do some work on your own and look at similar properties in the area and see what they sold for.
Buying a Home During a Seller’s Market
If you are looking to buy during a seller’s market, there are a few things to know. First, you need to act fast.
Buying a home during a seller’s market is a race – remember, you’re at a disadvantage, and competition is fierce. If you push for extra repairs or contingencies, you’re unlikely to get the property you want.
If you need financing, make sure you get pre-approved for a loan ahead of time. That said, many sellers are willing to sell to a buyer who can make an all-cash offer since there is no risk of financing falling through, so if you can do this you have a strong advantage over other potential buyers.
A good agent can work with you to alleviate any frustrations you may have during the buying process. This is especially true if you are looking to buy a luxury home since many luxury homes are unlisted to protect the owner’s privacy. Look for a well-connected agent to help you access scheduled showings.
Ready to Take Advantage of the Seller’s Market?
Are you ready to take advantage of the seller’s market? The Hoye Home Team can help with all of your home buying and selling needs. Our professional real estate brokers and agents can help you sell your existing home or find the perfect new home for you and your family.
Check out our site for our listings or contact us with any questions you may have.