WHAT DOES A SELLER'S MARKET MEAN?By United Country Auction Services
August 10, 2020
WHAT DOES A SELLER'S MARKET MEAN?
In a seller’s market, homes sell faster and for a higher price, leaving buyers in stiff competition with each other to “win” the home.
the real estate market in 2020 has been a strong seller’s market. That means
the demand is exceeding the supply. There are many buyers looking for
properties and real estate inventory remains low. In a seller’s market, homes
sell faster and for a higher price, leaving buyers in stiff competition with
each other to “win” the home.
trend happening in 2020 is consumers flocking to the rural areas to get a
healthier lifestyle and for “social distancing” purposes. In fact, United
Country Real Estate reported a 110 percent increase in website traffic for
those looking for homes in the country, off-the-grid properties, recreational
and hunting land and log cabins compared to last year. United Country agents
also report that they are struggling to keep up with the demand.
you’re a buyer looking for property, here are some tips to help you get a leg
up against the competition:
- Get pre-approved and have the funds
available. If you get pre-approved, you’ll know how much you can afford
and how much buying power you have.
- Get an experienced agent to help you. Get
someone who can explain the process, make an appropriate offer and give
negotiation advice. It’s also important to get an agent who is experienced
- Don’t lowball. Normally, buyers will make
an initial offer for a little below listing price. If you do this in a
seller’s market, you won’t get anywhere. Competing buyers often offer
above the listing price in order to remain in the competition with other
- Don’t wait around. Inventory is very
limited in a seller’s market, so if you’re waiting for the perfect home,
you might be waiting a long time. Stay alert and keep an eye out for
properties that you want to learn more about and book a showing right away
or you might miss out.
you’re a seller who is thinking of putting your property on the market, here
are some things to consider:
- Prepare your home for sale. Make sure your
house is clean. Staging the home may help as well. This will attract more
buyers to want to see your home.
- Limit showing hours. By limiting the times
your home is available to view, you might get multiple buyers looking at
once, amping up the competition.
- Price reasonably. You will most likely
sell for a higher price than you bought it for, but make sure your initial
asking price isn’t too high that the appraisal comes back and the buyer
are expecting the market to remain the same through the rest of 2020. That
means home prices will remain high and mortgage rates will remain low. If
you’re looking to buy or sell a property, contact one of our experts at United
Country Real Estate. Find an office near you at