Spotting the trends in the real estate market can tell you when it’s time to sell or when it’s time to buy. It can have a direct impact on you and your specific situation. If you’re considering selling your Mint Hill home, you want to make sure you’re selling at the right time.
If you know how to spot the trends, you’ll know when to list your home and what to expect. Of course, you don’t have to be a real estate expert, if you have a good local agent on your team. With the right agent helping you, they can spot the market trends for you. Here are some of the things to consider when looking at the market trends and what they mean to sellers.
Prices are on the Rise
When home prices start to go up, whether fast or slow, it could be a sign it’s time to sell. Prices usually go up when buyers are bidding against each other. They drive up the price and this is a huge sign of a seller’s market.
Lack of Inventory
If the local market has seen a lower amount of inventory, it’s a seller’s market. When the market has about 6 months of inventory, it’s not a buyer’s or seller’s market. However, when that number reaches more than 6 months, it becomes a buyer’s market and less means it’s a seller’s market.
As a seller, if you can spot a seller’s market, it’s the best time for you to sell. Lack of inventory means there are fewer homes for buyers, which means you will have less competition. This will also mean there’s a good chance the price will be higher as buyers bid against each other.
Faster Home Sales
In a balanced market, a home may take between two and three months to sell, on average. As the number of days gets lower and homes start to sell faster, it’s a sign of a seller’s market. This usually means buyers are on the hunt and don’t have many options. They tend to act faster and the competition creates multiple bids, which means, the seller chooses the buyer based on the offer they find most attractive.
These three trends are the main market trends sellers want to watch for. If you’re not looking to become a real estate expert, you can defer to your real estate agent. They can help spot these trends and let you know when it’s a good time to sell your home.
If you ever have a real estate question or need, or know someone who does, trust that you can turn to me. 704-650-5707 | AnnaGrangerHomes@gmail.com