Friday, November 29, 2019 / by Heather Schelling
If you own a home or have been in the market to buy one, chances are you’ve heard the term ‘Seller’s Market’.
You keep seeing and hearing those two words…Seller’s Market…but what does it actually mean? Is it a Seller’s Market, a Sellers’ Market, or a Sellers Market? All are correct depending on your perspective and essentially mean the same thing: Based on the current demand, if no other homes were to be listed with a Realtor, in X months, all homes would be sold.
It’s currently the last week of November 2019, and we’ve been in a seller’s market for about 4 years. How strong that is has varied. Spokane County is holding steady at 1.3 months of inventory. That is in comparison to a healthy/balanced market of 5-6 months of inventory. Needless to say, its not just a seller’s market but a VERY strong seller’s market.
Wondering if now is the time to sell? In short, yes. The demand is high and buyers are still battling it out. Despite the colder months ahead, buyers’ demands haven’t let up yet. Prices are softening slightly and buyers are taking advantage of the season to win that multiple-offer or better yet, not have to compete at all. Interest rates are still low which means buyers are determined to find a home so they can get settled in before the new year.
As a seller, you may want to find another home in our area. The common thought is there’s nothing to buy! I can’t find anything I like and I don’t want to be without a home. Maybe I won’t sell yet. If you share that sentiment, I suggest waiting until there are 3 months of inventory. That means you’ll still see demand from buyers but the number of available homes for sale will be much larger. Not quite a balanced market but it will still be in your favor as a seller.