Here are the four main reasons why we’re planted in a seller’s market.
We’re currently in a seller’s market, and there are four reasons why:
1. Low housing inventory. It’s the basic principle of supply and demand: When you have limited supply but steady demand, prices tend to increase. Home sellers should take advantage of this because it also means there’s less competition among sellers right now.
2. Low mortgage rates. Buyers are very interested in taking advantage of these low rates because their purchasing power is much higher; they can buy more house for the money.
3. Buyer competition means higher prices. Sellers are receiving multiple offers because many buyers are looking at the same limited inventory, and multiple offers mean the price will be bid up. This also means only serious buyers can afford to look in this market because prices are rising.
4. The crystal ball is cloudy. There is a lot of uncertainty in the world right now; we don’t know what will happen in the near future. We only know what’s currently happening: It’s an excellent time to sell a home.
If you’d like to know more about the current state of the market or how you can take advantage of it, contact us via phone or email. We would love to help you.