Most people know that the Front Range is a seller’s market, but what does that really mean?
What IS a sellers’ market?
According to the National Association of Realtors® (NAR®), the nation currently has about a two-month supply of homes. That means it would take only two months for all homes currently on the market to be sold at the current pace of sales.
Historically, a six-month supply is considered a normal or neutral market where there are enough homes available for active buyers. A six-month supply usually is characterized by limited or moderate home appreciation while lower levels of supply push home prices up much faster.
If you’re selling a home in today’s market, you can expect to see a lot of interest if your home is priced right. Limited inventory means buyers are struggling to find homes to purchase. That creates competition among potential buyers, which can lead to bidding wars. And when buyers know they’re in a bidding war, they tend to submit their most aggressive offer upfront, which can further escalate sales prices. Add to that the recent jump in mortgage rates and home prices, and there’s even more pressure on buyers to bid early, often, and above the asking price. And that’s the surest sign of a sellers’ market.
WK Real Estate is dedicated to you and your property search! Please, contact us today to see how we can help you.