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If you’re considering selling your house in New Bern, it may be because you’ve heard prices are rising, listings are going fast, and sellers are getting multiple home offers. But why are conditions so good for sellers today? And what can you expect when you move? Let’s turn to the data to help answer both of those questions.
Today, there are far more buyers looking for homes than sellers listing their houses. Here are the maps of the latest buyer and seller traffic from the National Association of Realtors (NAR) to help paint the picture of what this looks like:
Notice how much darker the blues are on the left. This shows buyer traffic is substantial today. In contrast, the much lighter blues on the right indicate weak or very weak seller traffic. In a nutshell, the demand for homes is significantly greater than what’s available.
What That Means for You
You have an incredible advantage when you sell your house under these conditions. Since buyer demand is so high at a time when seller traffic is so low, there’s a good chance buyers will be competing for your house.
According to NAR, the average home sold in February got 4.8 offers. When buyers compete with one another like this, they’ll do everything they can to make their offer stand out. This could play in your favor and mean you’ll see things like waived contingencies, offers over the asking price, earnest money deposits, and more. Selling when demand is high, and supply is low sets you up for a big win.
If you’re also looking to buy a house, you may be tempted to focus more on just the seller traffic map and wonder if it means you’ll have trouble finding your next home. But remember this: perspective is critical. As Danielle Hale, Chief Economist at realtor.com, says:
“The limited number of homes for sale is a lesson in perspective. This same stat that frustrates would-be homebuyers also means that today’s home sellers enjoy more limited competition than last year’s home sellers.”
If you look at the big picture, your opportunity as a seller today is unprecedented. Last year was a hot sellers’ market. This year, inventory is even lower, which means an even more significant opportunity for you. Even though finding your next home in a market with low inventory can be challenging, is that concern worth passing on some of the best conditions sellers have ever seen?
As added peace of mind, remember real estate professionals have been juggling this supply and demand imbalance for nearly two years, and they know how to help buyers and sellers succeed when they move. A skilled agent can help you capitalize on your great opportunity as a seller today and guide you through the buying process until you find the perfect place to call your next home.
Bottom Line
If you’re ready to move, you have an incredible opportunity in front of you today. Trust the experts. Let’s connect so you have the expertise to help you win when you sell and buy.