Have you been following Moon Township Real Estate news about the current seller’s market. Market conditions are strong for people who want to sell their houses. So, what does being in a sellers’ market really mean?
What Is a Sellers’ Market?
Housing supply is low according to the latest Existing Home Sales Report from the National Association of Realtors (NAR). There’s a 2-month supply of homes at the current sales pace.
A 6-month supply of homes for sale in Moon Township is necessary for a normal market. This means there are enough homes available for buyers. That puts today deep in sellers’ market territory (see graph below):
What Does This Mean for You When You Sell?
It’s much harder for buyers to find homes to purchase when the supply of homes for sale in Moon Township is as low as it is right now. This creates increased competition among buyers and leads to more bidding wars. Therefore, buyers will do their best to submit a very attractive offer upfront if they know they may be entering a bidding war. Ultimately, this could drive up the final price of your house.
Mortgage rates and home prices continue to climb. So, serious buyers are motivated to make their purchase soon. Your home will likely get a lot of attention from competitive buyers if you put your house on the market while supply is still low.
The current Moon Township real estate market has incredible opportunities for homeowners looking to make a move. Listing your house now means you’ll be in front of serious buyers who are ready to buy. Connect with Moon Township Realtors from the Diane McConaghy Team at REMAX Select Realty to jumpstart the selling process.