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Why Today’s Seller’s Market Is Good for Your Bottom Line
Thursday, March 14, 2024
Why Today’s Seller’s Market Is Good for Your Bottom Line
Thursday, March 14, 2024
Thinking about selling your house and wondering if now’s a good time to do it? Here’s what you need to know. Even though the number of homes for sale has been growing this year, there still aren’t enough homes on the market for all the buyers who want to buy.
Thinking about selling your house and wondering if now’s a good time to do it? Here’s what you need to know. Even though the number of homes for sale has been growing this year, there still aren’t enough homes on the market for all the buyers who want to buy.
So, what does that mean for you? To keep it simple, it means it’s still a seller’s market. Here’s how it works:
- A neutral market is when supply and demand is balanced. Basically, there are enough homes to meet buyer demand based on the current sales pace, and home prices hold fairly steady.
- A buyer’s market is when there are more homes for sale than there are buyers. When that happens, buyers have more negotiation power because sellers are willing to make compromises to close the deal. In a buyer’s market, sellers may have to do price cuts to re-ignite interest in their home, and prices may go down. But we haven’t seen this for years since there are so few homes available to buy.
- In a seller’s market, it’s just the opposite. When the supply of homes 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 which can lead to more bidding wars. And if buyers know they may be entering a bidding war, they’re going to do their best to submit a very attractive offer upfront. This could drive the final sale price of your house up.
The graph below uses data from the National Association of Realtors to show just how deep into seller’s market territory we still are today:
What Does This Mean for You?
The market is still working in your favor. If you lean on an agent for advice on how to get your house list ready and how to price it competitively, it should get a lot of attention from eager buyers. That means you’ll likely get multiple offers and see your house sell quickly and for top dollar. As a recent article from Ramsey Solutions explains:
“A seller’s market is when demand for homes is higher than the supply of homes. And that’s still the case right now. If you’re planning to sell your house, you can expect to sell it fairly quickly for close to your asking price—as long as your asking price is realistic for the current market.”
Bottom Line
Today’s housing market still favors sellers. If you’re ready to sell your house, let’s connect so you can start making your moves.
Hi, I Am Kim Dorman
Long & Foster Realtor
As your real estate agent, I hope you’ll think of me as your trusted advisor, your practiced negotiator, your skilled house-hunter and your neighborhood expert. Whether you’re buying, selling, renting or just looking, I’ll diligently work for you every step of the way. My goal is to deliver a joyful, seamless experience at every phase of the home buying or selling journey.
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TESTIMONIALS
Hear What Others Say
Kim Dorman, with Long and Foster Real Estate, went above and beyond in handling the recent sale of our home! She gave us lots of information on all the steps involved in selling, as well as excellent recommendations for contractors for any needed repairs. She was very knowledgeable about all the steps involved and very willing to explain the whole process. We would definitely recommend her to anyone looking to buy or sell their home!
DONNA
We called Kim, once again, to help us find our home upon our return to the area. She was quickly responsive and strove to understand all of our desires for a new home, and advised us in all aspects of the search. She helped us to quickly find a home we love, answered or sought answers to any questions we came up with, and walked us through the entire process from the search to the closing. Kim is a brilliant advocate and is vastly experienced. We highly recommend her for any real estate need.
JACK
Being a first time home buyer, my boyfriend and I were a little nervous about the home-buying process. Kim right away made us feel at ease and was able to speak to us first about the process before going all in. She discussed the housing market and what we can expect.... We are very happy with Kim and would strongly recommend using her for buying or selling your home.
RACHEL
Kim has truly been a lifesaver for our family - we had a cross-country move in a very tight timeframe (during COVID-19, no less) and she helped us find a home that met our needs even with all of that working against us. She was very professional, extremely responsive, and thorough to ensure we found the right place for us. We really enjoyed working with her on a personal level, too! She is fantastic!
ALYCE
Kim is amazing! She is easy going and full of energy and helped us find our perfect home. She then made dealing with a very difficult seller seem effortless. I would definitely (and have) recommend her to family and friends. Don't hesitate to have Kim Dorman help you with buying or selling!
MATT
Kim puts her clients first and is willing to go the extra mile to assist them. She is very knowledgeable and very thorough in answering questions and providing information we weren't aware that we needed. She is very reliable and accessible, both by phone or email. We have already recommended her to others and will happily do so again. We will gladly work with her again when it comes time to sell our house.
NANCY
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