What does a Seller’s Market mean for You?
The month of April has been a crazy month for the world of Real Estate. If you have been looking at homes or watching the inventory you realize that homes have been flying off the market in days or even hours. Over 160 houses went under contract in the month of April just in Lebanon County.
What is a Seller’s Market?
A seller’s market means that the demand for homes is greater than the amount of homes we have for sale. Meaning we have more buyers than homes currently being sold!
What can cause a Seller’s Market?
A seller’s market can be caused by many different factors. Population growth increase of jobs available or interest rate activity. With the rise of interest rates on the horizon, a lot of buyers have been trying to take advantage of their increased buying power by getting into a home sooner rather than later.
How does a Seller’s Market affect me as a seller?
A seller’s market is a great time to sell your home. The low inventory gives your home the advantage of having more eyes on it. It also puts the negotiating power on your side. More buyers, less homes means you will probably have multiple buyers thinking about or making an offer. During a seller’s market homes are usually sold at a higher price, with less requests for seller repairs.
So here is the warning for a seller during a seller’s market. If you put your home on the market, make sure you have a plan. Homes can be sold in days which means you might need to be out of your home in the next 30-45 days.
How does a Seller’s Market affect me as a buyer?
A seller’s market is a tough time to be a buyer. You are making one of the biggest purchases of your life and unfortunately a seller’s market means you might not have the luxury to even think about it overnight. These market conditions require buyers to make a quick decision which can make purchasing even more stressful.
The best thing you can do as a buyer in a seller’s market is be prepared to buy. Make sure you have a solid pre-approval from a trusted lender. This is the key to being able to make a quick offer when you do find the right home. But make sure to keep your budget in mind. It is easy to get distracted and make an offer over what you wanted to spend on a home especially when you are up against other buyers.
Do you want to talk more about buying or selling a home during this busy seller’s market? Our team would love to sit down and help you put a plan together to navigate the market. Give us a call at 717-450-7090 or stop by our office at 25 N. 9th Street, Lebanon PA 17046.