Is it a Seller’s Market or a Buyer’s Market?
Does the latest news about the housing market have you questioning your plans to sell your home? If so, perspective is key. Let’s review the shift that's happening today and why it's still technically a Seller's market even during the cooldown.
While the supply of homes available for sale has increased this year compared to last, we're still not to the level of what's considered a ‘balanced market’. Compared to 2020, we're just barely above the level of inventory we saw then (we still have fewer homes on the market than we did pre-pandemic). And if you go all the way back to 2019, the last ‘normal year’ in real estate, we're roughly 25% below the housing supply we had at that time. When inventory is low, there is still demand for your house because there just aren't enough homes available for sale. And while homes aren't selling as quickly as they did a few months ago, the average number of days on the market is still well below pre-pandemic norms – in large part because inventory is still relatively low based on the size and population of our area.
What does this mean for you? Buyer demand has moderated from the pandemic peak, but it hasn't disappeared. The buyers are still out there, and if you price your house at current market value, you'll still be able sell your home.
If you have questions about selling your property in today's housing market, let's connect. That way you have context around what's happening now, so you're up to date on what you can expect when you're ready to move. I will provide you with the information you need to make decisions that are right for you.
Laura Harbison, ABR, AHWD, BPOR, BS, CDPE, CRS, DRB, GRI, PSA, RSPS, SRES
Broker/Owner REALTY EXECUTIVES SOUTHERN NEVADA PROPERTIES
License Numbers B.0026537LLC PM.0164922.BKR
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