After having served Southeastern Connecticut as both a real estate agent and broker, I can tell you without a doubt – no one has seen a seller’s market like this!
While we don’t have a magic crystal ball at The Dependable Group – boy I wish we did though – we can say the Seller’s market will end…eventually.
So first let’s try and figure how you can determine when it may be ending without becoming a real estate agent yourself. Take a look at the graphic above.
A seller market occurs when there is less than 6 months of inventory for current buyers available on the market. Meaning there are more buyers than sellers – pretty easy right?
Things that can change a seller’s market:
- Decrease in the number of buyers in an area. – this can be impacted by the job market, weather, even just having low inventory of homes to purchase can deter individuals and families from considering buying a new home.
- Increase in the number of homes coming to market – to say COVID-19 has heavily impacted the number of homes coming to market in Southeastern CT is a HUGE understatement. When will more seller’s feel confident enough to put their homes on the market? Your guess is probably as good as ours. But when this happens the change to a neutral or buyer’s market will occur.
If you are able to put your home on the market while it is vacant you are in a great position to market the home, sell it quickly, and at the time of writing – over asking price. You likely won’t be paying any of the buyer’s closing costs, the repairs requested will typically be less, and truly you are in a position to walk away with doing very little to sell your property.
There may never be a time where it is as easy to sell your home! If you are considering putting your home on the market be sure to contact us so we can consult with you the best things to do to bring in the highest and best offers from buyers.
A neutral market is when there is enough new to market inventory to sustain 6-7 months of transactions.
A buyer’s market is when there is significantly more inventory than buyers. Buyers at this point are often negotiationg price, closing costs, and more. While this isn’t the perfect time to put your home on the market you can still sell quickly with the correct price and marketing strategy. We’ve seen many buyer’s markets and successfully negotiated for sellers for a great return.
When you are ready we would love to walk you through the type of market we are currently experiencing and what that means for you as a buyer or seller. Contact us at 860-447-3447.