Each year, you can assess your local housing market as either a buyer’s or seller’s market. These general terms indicate whether the market favors buyers or sellers regarding home pricing and negotiations. If you have a home you plan to sell, the best strategy is to wait for a seller’s market when you have the advantage. During a seller’s market, buyers are more likely to put in competing bids for your home, driving up the price and increasing your profits in the final sale.
Should you sell your house now? We are currently experiencing a strong seller’s market in the Seattle housing market. So, it’s time to consider your home-selling strategy.
Is Now a Good Time to Sell a House? What Makes a Seller’s Market
When determining the right time to sell your home, it’s important to look at several market factors. A few different influences come together to create a strong seller’s market. Look for conditions in which you have the most to gain from selling your home at the right time, from profitability to further opportunities.
- Your home’s value is increasing
- The housing inventory is low
- Interest rates are favorable
- You are ready to move on from the property
A low housing inventory will always significantly impact whether you are experiencing a buyer’s or seller’s market. When people who are ready to buy a house must compete for a small number of homes, the advantage shifts toward sellers.
When is the Best Time to Sell Your House?
The best time to sell is when the competition among other sellers is low as home prices rise. Right now, inventory is extremely low in the Seattle area. The 2023 Seattle housing supply is at 1.9 months. This is significantly lower than the 2.7-month national average. This means that available homes are scarce, and buyers are clamoring to buy any home on the market.
As a real estate agency, we have seen multiple-offer scenarios, bidding wars, and homes consistently selling above listing price. Home values rose 2.1% in the last year, and Seattle homes are priced far higher than the national average. This bodes very well for homeowners who are looking to sell this year.
What If There’s a Recession?
Some homeowners are worried about rumors of a recession. However, looking at housing market statistics, the numbers do not appear dire. While the cost of living has risen some due to rising interest rates and fluctuating food costs, true recession does not seem to be in the cards. Your decision to sell your home should always be based on evidenced market conditions and economic trends.
Tips to Sell Your Home
When preparing to sell your Seattle home, create a strategy to help you see your desired results. Here are a few pro home selling tips to guide your home selling experience.
- Connect with an experienced real estate agent
- Work together to price your home correctly
- Determine your plans for home repairs, improvements, or staging
- Discuss what makes a good offer from competing buyers
- Build a strong selling strategy
- Take excellent photographs
- List the home and start accepting offers
- Choose the best lender-backed offer within a set span of time
Connect with an Expert to Sell Your Seattle Home
Right now, Seattle homeowners have an opportunity to sell in a strong seller’s market with limited housing inventory. This minimizes your competition and maximizes your potential for profits. Now more than ever is an important time to have an excellent real estate agent who is familiar with the local area and a strong selling strategy.
If you’re interested in taking advantage of this incredible market for sellers and discussing options or for a cost market evaluation of your home, reach out.