The real estate market goes through many fluctuations every year. One of the changes to pay attention to is when the landscape shifts from a buyer to a seller’s market. If you happen to be selling your home, you’re in luck! A seller’s market can be extremely profitable. But what is a seller’s market? Here are a few pointers to help you not only identify a seller’s market but how to thrive in one. We’ll also touch briefly on the negatives to look out for!
What is a Seller’s Market?
To put it simply, a seller’s market is when demand exceeds supply. This often leads to multiple offers which can cause complications for buyers trying to find a home. Fortunately for the seller, this means that there will be more room to negotiate. Competition and scarcity lead to an ability to up prices, which can be great for the seller.
How to Know if It’s a Seller’s Market
Be sure to pay attention when houses start going up for sale in the area. Between the months of June and August is usually when the demand for real estate increases. Sellers with high equity can turn a sizable profit if they play their cards right during this time.
How to Take Advantage of the Market
If you’re a seller and have had a difficult time selling that fixer-upper, it could be your time to shine! Unique homes and buildings that need a bit of work done fare very well in a seller’s market. Don’t be afraid to negotiate the best price for your sale. Know your worth!
Cons of a Seller’s Market
The two major cons of a seller’s market come when you’re either trying to buy, or your home sells so quickly, you may need to move into a new location sooner than reasonable. In the Bay Area, you’ll usually have about one month from the time you accept an offer to the time you have to move.
A seller’s market can creep up quickly, so it’s wise to pay attention to the subtle shifts properties can take during the summer months. You’ll have plenty of opportunities to negotiate the best prices for your sale if you happen to catch the wave of a seller’s market. The great news is, many millennials have been looking to buy in the last few years, so this particular demographic could be knocking on your door soon. Just be careful if you want to sell and need more time to move, as a seller’s market will allow less time to find where to live. Best of luck in gaining the most equity for your property!
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