What is a seller’s market?
A seller’s market is a real estate market in which the demand for homes exceeds the supply of available homes for sale. In a seller’s market, there are typically more buyers than there are homes for sale, which can drive up the prices of homes and create a competitive market for buyers.
In a seller’s market, sellers have the advantage because they are in a position to receive multiple offers on their property, often for more than the asking price. This can create bidding wars among buyers and result in homes selling quickly, sometimes within days or even hours of being listed.
Factors that can contribute to a seller’s market include low interest rates, a strong economy, and a shortage of available homes for sale. In a seller’s market, it’s important for buyers to be prepared to act quickly and make competitive offers in order to successfully purchase a home.