Even though mortgage interest rates have climbed faster than experts and economists predicted, it’s very much still a seller’s market, says Andrew Shader, a Ft. Lauderdale real estate expert and entrepreneur. In fact, the supply of houses available on the market is at an all-time low, buyers often enter bidding wars, properties receive multiple offers, and houses are being bought up almost as soon as they are listed on the market.
A Buyer’s Market vs. a Seller’s Market
A buyer’s market is defined as one in which there is more than seven months’ worth of housing inventory available. There are more houses for sale than there are interested buyers, and those buyers have a wide array of property options available to them. In a neutral market, there is a bit less inventory available, averaging six months or so.
In a seller’s market, there is less than six months’ worth of inventory available. Buyers don’t have many houses to choose from, and sellers receive multiple offers from many hopeful consumers. Sellers often receive top dollar for their properties. Competition between homebuyers is fierce, and the options for houses available to them are sharply limited in many cases.
Today’s Seller’s Market
How does today’s seller’s market compare with the average one? Remember: A seller’s market is when the housing inventory available is less than six months’ worth. Today, the available inventory is just 1.7 months’ worth!
Today, 72% of consumers think it’s a good time to sell, and they’re correct. Sellers have more offers to pick from; the average home sold in February received 4.8 offers. In addition, the average home sold in February did so in just 18 days! Home values have increased significantly, as well. The average home price increased almost 20% in the last 12 months.
All of these facts combined have created one of the strongest seller’s markets in history. If you’ve been considering selling your home, now is the best time to do so. It’s advisable that you work with a real estate expert in your local area to help you take advantage of this unprecedented seller’s market.
Working with a Real Estate Agent in Today’s Market
There are many advantages to having a real estate pro to guide you through the process of selling your home. Even in today’s seller’s market, you still want to get top dollar and the highest offers available on your home. A real estate expert can help you settle on a good price for your home and can help you make your home as attractive as possible to the many home buyers who are out there.
Who Is Andrew Shader?
Andrew Shader has a background in accounting, insurance, leadership, and business. Having graduated from Florida State University with a bachelor’s degree in business, marketing, and management, he founded his real estate business in 2016. His robust portfolio has been built around his strategy of taking an interest in value-added properties. He finds these properties and brings them up to their fair market value, increasing their values by upwards of 60%. When Andrew Shader isn’t working, you can find him socializing with friends, reading, or playing sports.