Knowing whether you're in a buyer’s market or seller’s market will help greatly when preparing to list your home. With the right preparation, market trends and behavior can work in your advantage. Here is a basic guide for recognizing the indicators of a seller's market.
Seller's market defined
When there are fewer homes for sale in the housing market than the current demand, it creates a seller's market. There are numerous reasons why this sort of market occurs, including an increase in local jobs available, low mortgage interest rates, world events, etc.
Seller’s markets are typically quick, and homes can move off the market in a matter of days. Potential buyers must act fast and should be prepared to offer more than the asking price.
Indicators of a seller's market
One key indicator of a seller’s market is the increase of home prices due to lower inventory. This sort of real estate market arises when the demand exceeds supply. In this sort of market, homes do not stay on the market for long.
Home sellers in this market may find they get many offers for their property. Home buyers may find they have to be quick when putting in offers.
How can a seller benefit from this market?
By pricing their house fairly and sorting through competing offers to find the best one, seller’s can close quickly and for great profit! However, a seller must be patient during this time and reasonably compare offers to make the best choice for their household.
Examine the local data to determine what sort of market you’re in. Even if you’re in a hot market, still take the time to thoroughly inspect and prep your home for sale. Hiring a real estate agent can assist you with understanding these trends. They can also help guide you in the right direction through the selling process and get the best possible price for your home.
About the Author
Kimberly Hering
Kimberly Hering's devotion to helping people achieve their real estate goals stems from her genuine enjoyment of the process. Whatever the task, Kimberly makes it her mission to get it done, however she can, without compromising her client's needs. Often, that means thinking outside the box. After working with Kimberly, clients describe her as being Trustworthy, Creative, Patient, Highly Skilled, Attentive to the Process and having a lot of Integrity.
After spending more than 15 successful years working on Wall Street, Kimberly transitioned into Real Estate, joining Alain Pinel Realtors, then moving to Zephyr, now Corcoran Global Living, in 2018. During her career on Wall Street, Kimberly was a Vice President working as an Institutional Equity Salesperson for Montgomery Securities for 10 years. She covered the top money managers throughout the US and Canada. She joined Jefferies & Co as a Senior Vice President managing the Western Region Institutional Sales group, while continuing to cover the top money managers.
Kimberly leverages her extensive experience selling equities to top money managers throughout the US and Canada, to successfully negotiating any Real Estate transaction seamlessly for her clients. Kimberly is well versed in Marin's neighborhoods, towns, cities, and education system.
Living in the Bay Area for 35 years, 25 years in Marin and having 2 sons in local Marin schools, Kimberly spends a lot of time volunteering in the community and serving on various local Boards. Kimberly has a collection of resources ranging from the best local breakfast spots to vetted contractors. With her reliable list of valuable resources, Real Estate experience and unsurpassed knowledge of Marin's many communities, Kimberly can guide her clients through every aspect of a Real Estate transaction seamlessly.
Relocating to Marin, downsizing, upsizing, first time home buying, final home purchase or sale, or a lot to build a dream home, no matter the undertaking, Kimberly works seamlessly until the job at hand is completed with 100% satisfaction.