Imagine the housing market as a big marketplace where people buy and sell houses. In recent times, the market has become less frantic compared to a few years ago, but it’s still a great time to sell your house. Why? Because there just aren’t enough houses available for sale, and that’s good news if you’re looking to sell.
Think of it like this: the National Association of Realtors (NAR) keeps track of how many houses are on the market and how long it would take to sell them all at the current pace.
In a balanced market, there are usually enough houses to last about six months. However, right now, we only have enough houses to last about three months at the current rate of sales (you can see this in the graph below):
As the graph shows, given the current number of houses for sale, it’s still a great time to be a seller.
We’re a long way from what’s considered a balanced market. In fact, there are only half as many houses available as there should be in a typical market. This means there simply aren’t enough houses available for the buyers in today’s market.
Lawrence Yun, the Chief Economist for NAR, explains it like this:
“There just aren’t enough houses for sale. The market could easily handle twice as many houses for sale.”
So, What Does Being in a Seller’s Market Mean for You?
If you’re thinking of selling your house, these conditions are a big advantage for you. Right now, there are buyers who are ready and excited to buy a house. And because there’s a shortage of houses for sale, the ones that do go on the market are like magnets for these buyers.
If you choose to work with a local real estate agent to list your house now, especially if it’s in good condition and priced correctly, it could attract a lot of attention. You might even receive multiple offers.
Bottom Line
The current seller’s market puts you in a strong position if you’re planning to sell your house. Because there are so few houses available, your house will stand out and be very appealing to motivated buyers who are eager for more options. Feel free to connect with us so you can gain a better understanding of what’s happening in our local area as you prepare to sell your home .
Find out why Kaya Homes is the leader in Long Island Real Estate and are your go-to realtor in the Lynbrook, Oceanside, Malverne, Hewlett, Valley Stream, East Rockaway, Woodmere, Cedarhurst, Baldwin, North Woodmere, Woodsburgh, Hewlett Neck Hewlett Harbor, Bellmore,Wantagh,Merrick and Freeport area.
Fri, 08 Sep 2023 23:41:55 +0000
by Mottek Group