My last blog talked about how that question pertains to buyers. So today, I wanted to come back and talk about the “sellers market”.
There are three things that we need to address when it comes to a sellers market:
- Increase in market value – there’s been a significant increase in the past year
- Days on market – houses are often selling in a week or less
- Low interest rates – your home sale allows you to buy at low rates
Market Value: Average sales prices have risen about 11% within the past year. So, for example if a home’s ask price was $250,000 back in 2019. Now that same house could go on the market for approximately $275,000! How’s that for a sellers market! Of course you need to keep in mind that this is an average, so some houses increased in value by a smaller percentage while others increased by more.
Interested in knowing what your home’s value is? Reach out, and I can do a comparative market analysis for you so you can have an idea of what your home could list for.
Days on Market: If a home is turn-key which means updated, well maintained, staged with the 3 D’s (decluttered, depersonalized and deep cleaned) as well as priced properly, we are seeing homes selling at record speed. We have a lot of buyers and inventory is still on the lower side so we are seeing homes flying off the market. Often with multiple offers driving the price up over ask. For you, as a seller, this is BIG! Your house is not going to linger on the market and if it does you and your agent need to think about a price adjustment.
Curious to know what your neighborhood is selling for, reach out, and I can tell you what the average days-on-market is for your specific neighborhood.
Low Interest Rates: If you are selling chances are you are going to be a buyer in the near future. So you’ll be able to take advantage of the historic, 30 year low interest rates. These low interest rates also help you as a seller because you’re going to have a large pool of approved buyers coming through eager to purchase so they can take advantage of today’s low interest rates. Also these low rates help buyers stretch their home buying budgets. The lower the rate the more house they can get for their money. Again, a win for you as a seller!
Whether you’re a seller or a buyer, I’m here to help you.