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What is a Seller’s Market?

By Jen McCann, Realtor

If you have been listening to the talk about this year’s real estate market, you have probably heard the term “Seller’s Market.” And, if you are looking to buy or sell a home this year, you definitely want to know what the term means and how it can impact your position as a buyer or a seller.

To begin, what is a Seller’s Market? Well, in real estate, it basically means there are more people looking to buy a house than those wanting to sell their home. Even though we are heading into the summer months, which tend to be the busy time of year for real estate, the market is experiencing a very low inventory of homes for sale. The number of buyers still outnumbers the number of sellers.

As a Buyer, how does this impact your position when it comes to buying a home? A Seller’s Market will definitely impact how you and your agent structure your offer. Chances are high that there will be more than one offer on the property, leading to bidding wars. It is important to work with your agent to ensure your offer is as strong of an offer that you can submit. You will want to take into consideration the Seller’s priorities while crafting terms you, as the Buyer, are comfortable with before you submit the offer. Keep in mind…it is not always about money! I had a client compete for a property that had over 15 offers! Their offer did not net the Seller the most money, but still won!

As a Seller, there is no doubt that you have the advantage in a Seller’s Market. It is important to work with your agent to ensure your priorities (price, settlement date, rent back, and other terms) are clear so when offers start to come in, you can make sure your interests are taken into consideration by the Buyer. Also, even during a Seller’s Market, it is still true that properties priced well and well-maintained will sell for the most money in the quickest time. Be sure to work with your agent to prepare your home so you reap the benefits of this strong Seller’s Market.

If you are thinking of buying or selling property during this Seller’s Market and have questions on how best to navigate the market, please feel free to give me a call or send me an email. I am happy to answer any questions you may have.

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