WHAT DOES A SELLER’S MARKET MEAN FOR ME?
WHAT IS A SELLER’S MARKET?
The market type is determined by looking at the amount of homes available to sell versus how many people are looking to buy a house. Right now, the inventory of homes is less than the amount of people wanting to buy, resulting in homes selling for higher prices. The seller has the power to determine to price. In a buyer’s market, the opposite is true.
Right now, the central Iowa market is up to approximately 2,500 homes.
We are slowly working our way back to a balanced market, which would be around the 3,500 mark. However, it is still very much a seller’s market. If you are wanting to sell your home in the near future, now is the time to do it! The mortgage rates for buying the next home can be scary, but choosing to list your home now instead of in the future gives your home the chance to shine in this market. If priced correctly, you could see multiple offers on your home, giving YOU the best deal!
Keeping in mind as a seller, many times buyers looking at your home may have general maintenance concerns, such as a foundation or roof. No resale home is perfect, but that is normal! As the seller, you have the opportunity to lighten that load for the buyer, perhaps by offering to cover some of the closing costs. This makes the process smoother all around, and you can get your home sold!
DOES THAT MEAN I SHOULD SELL NOW?
Absolutely! Get the ball rolling and call your Realtor to talk about what your home could be worth and next steps. Additionally, summer is great time of year for Real Estate, because people tend to have more time on their hands, and they have spent the winter and spring months contemplating the home surrounding them. Many people also choose the spring and summer months to change jobs and possibly relocate.
All of these factors together mean that you should think about listing your home. The possibilities are endless!
Watch our video above for more tips on a seller’s market and how that looks practically.