How to Sell Your House for Top Dollar in a Sellers’ Market

First, you need to know what is a Sellers’ Market. Then how to track the inventory trends on how strong the market is by visiting the Metro Detroit Housing Market Prices and Trends below.  Then work through the steps on How To Sell Your House for Top Dollar.

Even if you haven’t been following real estate news, you’ve likely heard about the current sellers’ market. That’s because there’s a lot of talk about how strong market conditions are for people who want to sell their houses. But if you’re thinking about listing your house, you probably want to know: what does being in a sellers’ market really mean?

What Is a Sellers’ Market?

The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows housing supply is still very low. There’s a 2-month supply of homes at the current sales pace.

Historically, a 6-month supply is necessary for a normal or neutral market where there are enough homes available for active buyers. That puts today deep in sellers’ market territory (see graph below):

What Does This Mean for You When You When You Sell Your House?

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 could lead 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 upfront. This could drive the final price of your house up. 

If you are worried about the Housing Bubble Headlines…

I’ve taken a deep dive into why this time isn’t like last time and provided graphs and videos on why we are in a housing bubble in Metro Detroit.  Check It Out if you have concerns. 

Concerned about Mortgage Rates? 

Because mortgage rates and home prices are climbing, serious buyers are motivated to make their purchase soon, before those two things rise further. I’ve created a video and blog post on How to Approach Rising Morgage Rates as a Home Buyer.  That means, if you put your house on the market while supply is still low, it will likely get a lot of attention from competitive buyers.