Are you thinking about selling your home this spring? You’re in luck because the spring seller’s market is in full swing, and there are many opportunities for sellers to benefit from. Here’s what you need to know about this exciting time in the real estate industry.
Low Supply, High Opportunity
Supply and demand is the name of the game when it comes to the real estate market this spring. With fewer homes available for sale, competition among buyers intensifies, leading to an increase in prices. The latest report by the National Association of Realtors (NAR) reveals that we currently have a 2.6-month supply of homes at the current sales pace. A ‘normal’ or ‘neutral’ market requires a six-month supply of homes for active buyers. In other words, we’re in a seller’s paradise!
Benefits for Sellers
So what’s in it for you, you ask? Bidding wars, baby! This competition among buyers pushes prices up and gives sellers a leg up in negotiations. When buyers know that other interested parties are involved, they’re more likely to submit attractive offers, which means you’ll get more money to go towards your next home. This competitive atmosphere also makes it much easier for those selling to meet all of their ideal terms in a deal.
Equity Opens Doors
The market needs more homes to accommodate the growing number of buyers, and this is where you come in. If you’ve been waiting for the perfect moment to sell, the time is now! In addition to the low supply and high demand we are seeing in today’s market, equity is also providing many great opportunities for sellers. According to the US Census, most homeowners, namely 68.1% of them, have either paid off their homes in full or have at least 50% equity built up. In terms of ‘cheddar’, the average homeowner’s equity has grown by $34,300 over the past year alone.
The Takeaway
The spring seller’s market is an exciting time for those looking to sell their home. With low supply and high demand, sellers can negotiate favorable deals and take advantage of numerous opportunities. If you’re considering selling your home, don’t hesitate – now is the time to make your move!