Sellers’ Market, Buyers’ Market, Neutral Market…How are these things defined? If we look at the average time it takes to sell a home – that is the basis for establishing which market we are in.
Buyers’ Market = 7 months or longer on average to sell a home
Neutral Market = 6-7 Months on average to sell a home
Sellers’ Market – Less than 6 months to sell a home
So with that in mind let’s look at why it’s still a Sellers’ Market [INFOGRAPHIC]
- While buyer demand has moderated and housing supply has grown in recent months, it’s still a sellers’ market because inventory is low.
- The latest data shows sellers continue to benefit from serious buyers and competitive offers. In July, the average home received 2.8 offers and 39% sold over the asking price.
- You haven’t missed your opportunity to sell. Let’s connect to start the process today.
Source: Michigan Real Estate Updates