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It’s a sellers’ market. Now what?

submitted by Dave Marcolla, MBA / C-RETS / ABR, NJ & PA Licensed Realtor

You’ve probably heard that it’s a sellers’ market…but what does that mean to you?  A sellers’ market typically refers to a period where buyer demand is heavier than seller demand.  Meaning that there aren’t enough homes for sale to meet the needs of current buyers.  So basically it’s a great time to be selling a home and likely a challenging time to be buying…generally speaking.

So, does that mean if you’re selling your home right now it should go for top dollar and sell quickly?  No, not necessarily.  Why not?  Because buyers also aren’t willing to settle for just any house or one that wasn’t well maintained or is priced too high.  Why?  They can choose to rent or stay in their current home until they find the home that’s right for them.  However, if your home is desirable and shows well, it should indeed sell for top dollar and fairly quickly.  If this sounds like your home…now is a great time to list!

Is it a bad time to buy, if it’s a sellers’ market?  No, not necessarily.  Why not?  As I mentioned, homes still need to be priced appropriately.  May it take a little longer to find the right home?  Yes, likely.  But working with a Realtor who can help you hone your search can save you a good bit of time.  Buyers right now who are finding the perfect homes for them are working with Realtors who can identify them the minute they hit the market and acting fast!  These homes will tend to attract multiple buyers and that’s why it’s important to act fast and offer a fair price…avoiding a bidding war. 

And remember, if it’s not a sellers’ market it’s a buyers’ market so if you’re buying and selling during the same period, you’ll likely net a fair deal overall.