If you are currently planning on selling your home, you’re likely keeping tabs on the real estate market. The market fluctuates mainly based on supply and demand. So, when the demand in real estate is higher than the supply, it is considered a seller’s market. There are several benefits of a seller’s market, including:
More Offers To Consider
One of the key benefits of a seller’s market is a higher number of offers. Since there are more buyers than sellers, homes on the market will receive more offers. This gives sellers the ability to carefully look at each offer and choose to work with the most ideal Buyer for the sale of their home. In this type of market, sellers don’t have to compromise and may not even need to negotiate to get their house sold. Additionally, buyers are often more motivated to get pre-approved for a mortgage or complete their pre-underwriting from a lender before putting in an offer, giving sellers stronger offers to consider. Another bonus is if the Buyer’s lender offers an appraisal waiver. This could mean certain contingencies could be waived, allowing for a more seamless and faster closing for both Buyer and Seller.
The Potential For Offers Above The Asking Price
With the competition among buyers in a seller’s market, sellers may score offers above the asking price. Oftentimes, buyers may end up in a bidding war to score the property, leading to higher offers for the seller. So, if you’re planning on putting your home on the market, the current Seller’s market could result in a significantly higher profit.
Properties Are Purchased Faster
In a seller’s market, homes come and go much more quickly than in a buyer’s market. So, it’s less likely that homes sit on the market or for negotiations will drag on. Plus, buyers are typically more prepared to act quickly in a seller’s market, giving sellers the opportunity to close the sale swiftly.
Whether you’re a seller or a buyer, enlisting the help of an experienced Realtor is a must in navigating a seller’s market. Contact our team of professionals at 360 Realty today to learn more!