Whether or not you’ve been following the real estate industry lately, there’s a good chance you’ve heard we’re in a serious sellers’ market. But what does that really mean? And why are conditions today so good for people who want to list their house?
It starts with the number of houses available for sale. The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows housing supply is still astonishingly low- 2.6 months of inventory in the US. Today, in Summit County we have less than a 1 month supply of homes at the current sales pace. That means that if all the properties currently on the market lined up, and no other places came on the market, it would take less than 1 month for them all to sell at the current sales pace. Historically, a 6-month supply is necessary for a “stable” or ‘neutral’ market in which there are enough homes available for active buyers (see graph below.)
When the supply of houses for sale is as low as it is right now, it’s much harder for buyers to find homes to purchase. That creates increased competition among purchasers which leads to more bidding wars. And if buyers know they may be entering a bidding war, they’re going to do their best to submit a very attractive offer. As this happens, home prices rise, and sellers are in the best position to negotiate deals that meet their ideal terms.
Right now, there are many buyers who are ready, willing, and able to purchase a home. Low mortgage rates and the ongoing rise in remote work have prompted buyers to think differently about where they live – and they’re taking action. If you put your house on the market while supply is still low, it will likely get a lot of attention from competitive buyers. Bottom LineToday’s ultimate sellers’ market holds great opportunities for homeowners ready to make a move. Listing your house now will maximize your exposure to serious buyers who will actively compete against each other to purchase it.
Let’s connect to discuss how to jumpstart the selling process.
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For this weeks Shoutout Saturday, Allison Simson visits Mountain Lyon Cafe in Silverthorne! Mountain Lyon Cafe is open for dine-in, and to-go orders! Owners Rob and Kayelee have created a Safe, Sanitary, Socially Distance environment They are currently offering their full menu, breakfast or lunch all day! The History of the Mountain Lyon Cafe: "The Cafe first started in Silverthorne, Colorado, in 1994. Our goal is to make you, the customer, feel very welcome in our humble establishment. If there is anything we can do to make your dining experience a little better, please let us know. One thing you should know about us is our portions are “Lion Size” so don’t go overboard when you order. Thanks for your time and hope you enjoy your stay. We now offer full service catering and BBQ Specials. Please pick up a copy of our menu and let us cater your next party! Remember: Have Fun and Let Your Hunger Run Wild!" Location: 324 Dillon Ridge Road in Dillon CO Phone : (970) 262-6229 Hour Of Operation: 7 Days A Week // 7AM-2PM For more information about the Mountain Lyon Cafe visit their website: For more information about Allison and our entire team, check out our website.