Discover why it’s still a seller’s market and how it affects your sale.
Have you noticed everyone talking about the housing market lately? People are wondering if we’re moving into a buyer’s market or still in a seller’s market. Here’s the deal: we’re still in a seller’s market, but things are changing a little. Let’s look at what’s going on and what it means for you, whether you’re buying or selling.
1. We’re still in a seller’s market. For the last five to eight years, it’s been a seller’s market. This means there’s not enough homes for sale. A seller’s market usually has less than three months’ worth of homes available, and right now, we have about 1.5 months of supply. That’s a bit more than last year, but it’s still not enough to shift the market in favor of buyers. So, even though homes are staying on the market a little longer, there are still plenty of buyers looking to purchase.
2. Why is the market balancing out? You might wonder why homes are sitting on the market longer. Two big reasons: home prices are high, and interest rates have gone up. When rates are high, it costs more to buy a home, and that’s making some buyers wait. Don’t think this means homes aren’t selling—good homes are still selling fast, just not as fast as they were a year ago.
3. The condition of your home matters. In this market, how well your home is maintained really counts. Homes that are clean, updated, and ready to move in are still getting multiple offers, sometimes even cash offers, but if your home needs repairs or updates, it might sit for a while. If you’re a buyer, this could be a chance to buy a home at a lower price and fix it up yourself.
“Discover why it’s still a seller’s market and how it affects your sale.”
4. What’s next for the market? Even though the market is softening a bit, it’s not likely to change much soon. Interest rates are expected to drop in the next year, and when that happens, more buyers will jump back into the market. This could push home prices even higher. So if you’re thinking about buying, now might be the right time. Remember, you can refinance your loan when rates go down, but you can’t change the price you pay for the house.
5. Low inventory is still an issue. Here in Lancaster County, Nebraska, there are around 700 homes for sale right now. 10 years ago, that number was almost 1,400. This shortage means we’re not likely to see home prices drop significantly anytime soon.
So what should you do? If you’re selling a well-maintained home, it’s still a great time to list. If you’re buying, consider acting now before prices rise more. If you have any questions or want to chat about your options, you can call me at (402) 278-1096. I am always willing to help!