It's no surprise that 2021 is the year of the seller when it comes to the housing market.
Here’s a look at what’s driving this sellers’ advantage and why there’s so much opportunity for homeowners who are ready to move this season.
>>Historically Low Inventory
Even with a slight rise in the number of houses for sale this spring, inventory remains near an all-time low. High buyer interest is creating an imbalance between supply and demand, but as the small uptick in inventory shows, sellers are beginning to reenter the market. Selling your house now enables you to maximize on buyer demand and get the most attention for your house – before more listings come to the market later this year.
>>Frequent Bidding Wars
As a result of the supply and demand imbalance, homebuyers are entering bidding wars at an accelerating rate. NAR reports the average number of bids received on the most recently closed sales is 4.8 offers. As buyers face tough competition while searching for homes to purchase, they’re more likely to be flexible in their negotiations. This gives a seller the opportunity to choose the best buyer for their needs and be selective. Working with your trusted agent is the best way to determine how to navigate the negotiation process when selling your house.
>>Days on the Market
In today’s market, sellers aren’t waiting very long to find a buyer for their house, either. NAR reports, “Properties typically remained on the market for 18 days in March, down from 20 days in February and from 29 days in March 2020. 83% of the homes sold in March 2021 were on the market for less than a month.”
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