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The 2021 real estate market is hard for buyers. The pandemic has caused many to look for a new home but few to sell their existing homes. The National Association of Home Builders reported that 45% of long-time home searchers haven’t purchased a home because they continue to lose out on bidding wars. The mix of high demand and low inventory has created more than a headache for many buyers and realtors and creating an amazing opportunity for sellers.
What is a seller’s market? According to MASHVISOR, the definition of a seller’s market is when the supply of homes for sale is low when compared to the number of buyers in the real estate market. Rocket Mortgage says it another way, “A seller’s market arises when demand exceeds supply. In other words, there are many interested buyers, but the real estate inventory is low. Since there are fewer homes available, sellers are at an advantage.” What does that mean for you as a seller?
With the supply low and demand high your home might sell faster than you would expect! Of Course, you will need to consult with your local agent to confirm the data in your area, but homes across the country are selling at record speed. Determining factors such as neighborhood, age of the home, and condition do still play a factor.
1. Declutter
2. Small repairs
3. Exterior maintenance
4. Stage your Home
5. Work with a trusted local professional
A shortage of housing and high demand often causes “bidding wars”. A bidding war is when multiple different parties make an offer for a home at more than the asking price. Buyers will make competing offers often driving the price far above what you are initially asking for your home. Again, this will vary from property to property. Always consult with a local market professional before deciding on an initial price for your home.
Anthoney Hanks Realtor®️, licensed Broker of Beyond 404 Realty