Mint Hill, NC – If you’re considering putting your home on the market, it’s a good idea to know if it’s a buyer’s market or a seller’s market. Of course, as a seller, you’d prefer to list your home during a seller’s market.
Before you list your home for sale in Mint Hill, NC, make sure you have realistic expectations about the market. Here are some of the ways you can tell if it’s currently a seller’s market.
When more buyers are looking for homes for sale in Mint Hill, NC than homes available, it’s a seller’s market. Economically, this means there’s more demand than supply, which means sellers will receive multiple offers and may see offers above the asking price.
Signs the Current Market is a Seller’s Market
The biggest sign you will see if the current market is a seller’s market is low inventory. When fewer homes are available, it’s likely a seller’s market.
The key number to look for is the amount of inventory available in months. When 5 to 7 months of inventory are available, it’s a balanced real estate market. If less than 5 months of inventory is available, it becomes a seller’s market.
2. Length of Time on the Market
Another sign of a seller’s market is homes selling faster. When the average number of days a home stays on the market goes down, it’s likely a seller’s market.
If you notice many listings selling within a few weeks of hitting the market, it’s likely a seller’s market in your area. However, if homes are staying on the market for 45 days, 60 days, or even longer, it might not be a seller’s market.
3. Lower Interest Rates
Typically, lower interest rates mean more buyers will enter the market. This is good for sellers as it creates competition. If the interest rates are low, it might be a seller’s market.
4. Home Prices
Another sign of a seller’s market is home price increases. When you see many homes selling for the asking price or higher, it’s a sign the market favors sellers.
5. Bidding Wars
While it’s harder to spot bidding wars, they don’t typically happen unless it’s a seller’s market. If your real estate agent tells you bidding wars and multiple offers situations are becoming more common, it’s likely a seller’s market in your local area.
If you’re considering listing your home for sale, knowing the current state of the real estate market is important. Look for these signs to find out if you’re dealing with a seller’s market.
I would love to be part of your journey when the time is right for you. If you ever have a real estate question or need, or know someone who does, trust that you can turn to me. I will help you make the right move! Anna Granger 704-650-5707 | firstname.lastname@example.org | www.1stchoicepropertiesinc.com