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When Buyers Are on Top

In a buyers’ market, real estate supply exceeds demand. During this time, real estate inventory is high. There are plenty of properties on the market.

At the same time, however, there’s a shortage of potential buyers. This combination of conditions gives buyers an advantage.

When real estate supply is high, and demand is low, the real estate market must respond. Real estate prices will decrease during these times, and homes will sit on the market waiting for a buyer.

When Things Favor Sellers

Conversely, a real estate sellers’ market exists when demand exceeds supply. Like now, there are many interested buyers during a sellers’ market.

However, there isn’t enough inventory to go around. There are fewer homes available, which gives sellers an advantage.

During a sellers’ market, homes sell faster. Also, buyers must compete with each other to purchase homes.

Under these circumstances, buyers are more compelled to pay a higher price to close a deal. They’ll spend more than they usually would when the market is in their favor.

In other words, during a sellers’ market, you can ask more for your home. This kind of market gives you more negotiating power as it relates to the value of your home.

Where Are We Now?

Recent events have fueled a sellers’ market. It’s increased the demand for homes. What’s more, it’s caused the value of properties to skyrocket.

Still, you may wonder, “Is the sellers’ market over?” Well, not yet, but signs indicate that it’s coming to an end soon.

Homes have continued to sell above the asking price as we near the end of 2021. However, they aren’t moving as quickly as they have in previous months, indicating that the market is shifting.

Bidding Wars in a Slump

A decrease in competition for available homes also indicates coming market changes. Bidding wars have slowed down as 2021 draws to a close. In fact, they’re considerably less common than they were a year ago.

This year, some realtors report a decrease in competition for available properties. Bidding competition varies by area. Across the nation, however, there was anywhere from a 1% to nearly 25% decrease in competitive bidding for available properties. This year, the areas hit hardest by competitive bidding slumps were Oklahoma City, Sarasota, FL, and Richmond, VA.

Putting the Current Market in Perspective

Fortunately, the current real estate market isn’t at a standstill. All that’s needed to breathe life back into real estate sales is an uptick in inventory.

Part of the current sales slump that exists is low inventory. Many homeowners are stuck in their homes because they can’t find a new one.

Many homeowners face a similar problem. If they all put their homes on the market, however, it will fix the inventory problem. They could find a home quickly in a market with a balanced pool of buyers and sellers. 

So, Is the Seller’s Market Over? 

Right now is the best time ever recorded for home sellers. However, if more homeowners commit to selling their homes simultaneously, it will benefit the market considerably. Buyers would have more choices with an increased inventory. 

However, there’s another benefit to consider if this occurs. Mortgage rates are trending toward historic lows. As a result, soon-to-be buyers will have increased buying power. 

Under these circumstances, the sellers’ market could continue. In fact, emerging conditions would prove excellent for both buyers and sellers.

Gearing up for the Market

If you plan to sell your home, there are a few things you want to keep in mind. Even though we’re in a sellers’ market, you’ll still want to make your home stand out.

For example, you should make any needed repairs if you plan to sell your home. As buying power increases, buyers will become pickier.

Also, you’ll want to clean and depersonalize your home. It helps to think about how others view your property.

It’s important to stage your home in a way where buyers can envision themselves living there. If a buyer can’t picture themselves living in your home, they won’t make an offer.

With this in mind, it’s a good idea to deep clean your home. You’ll also want to remove any clutter and give your landscaping a nice touch-up.

Maximizing Your Opportunities

It’s also essential to price your home competitively. In other words, you must price your home to sell.

You’ll want to look at similar homes on the market to find a reasonable price. In a sellers’ market, you could list your home for a bit more than other homes. However, you should list your property for a price that’s similar to other available homes.

You’ll want to attract as many buyers as possible to try and create a bidding war on your home. With a bidding war, you can drive up the final selling price of your home—at least as long as the market remains in favor of sellers. 

Sell Your Home the Easy Way! 

Despite the market, selling your home is a lot of work. However, there’s an easier and faster way to get the job done. Marketplace Homes can help. 

Think of Marketplace Homes as your team of dedicated real estate experts. We can help you prepare your listing and create a marketing plan.

We can also help you negotiate offers to ensure that you get the most for your home. However, that’s not all we do.

We can also provide you with a backup cash offer. If you purchased a new construction home and your home doesn’t sell before it’s ready, we’ll buy your existing home. 

Also, if you are purchasing a new construction home, Marketplace Homes will help you save on fees. You’ll only pay a 4% listing fee. That’s 2% less than a traditional brokerage fee and will enable you to save thousands of dollars.

Learn More About Selling Your Home in the Current Market

Hopefully, we’ve provided you with enough information to see that now is a great time to sell your home.

By teaming up with Marketplace Homes, you can take the stress out of listing your home on the market. We’ll help make your plans of moving to a new home a sure thing with a competitive, guaranteed purchase offer on your home.

Please feel free to contact a Marketplace Homes real estate expert today to learn more about selling your home in the current market.

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