Are you thinking about selling your house and wondering if it's the right time? Here's what you should know. Even though there are more homes listed for sale this year, the market still isn't meeting the demand from all the potential buyers.

So, what does this mean for you? Simply put, it's still a seller's market. Let's break it down:

A neutral market is when there's a balance between supply and demand. This means there are just enough homes for sale to meet the demand at the current sales pace, keeping house prices stable.

A buyer's market occurs when more homes are sold than interested buyers. This gives buyers an upper hand, allowing them to negotiate better deals since sellers are more willing to make concessions to seal a sale. In such a market, sellers might need to lower their prices to attract buyers, which can lead to a drop in overall home prices. However, we haven't experienced this in years due to the limited number of houses available.

In a seller's market, the situation is reversed. With the currently low supply of homes, buyers find it challenging to locate properties, leading to increased competition. This competition can cause bidding wars, prompting buyers to place strong offers immediately. Consequently, the final sale price of your home could significantly increase.

Data from the National Association of Realtors illustrates how deep into seller's market territory we still are:

What Does This Mean for You?

The market still benefits sellers. By working with an agent to prepare your home for listing and competitive pricing, you'll likely draw much interest from buyers. You can expect multiple offers, leading to a quick sale at a great price. Ramsey Solutions recently noted, "A seller's market is when demand for homes exceeds the supply. And that's exactly the situation we're in now. If you're considering selling, you can anticipate a swift sale at or near your asking price, provided it aligns with the current market conditions."

BOTTOM LINE

Today's housing market favors sellers. If you're ready to sell your house, let's connect so you can begin the process.