Its A Sellers Market

Its A Sellers Market

I’m sure you’ve heard it before, “The market is going gang busters!” or “It’s a seller’s market.” Well, what exactly IS a seller’s market and what conditions have to exist for a seller’s market to occur? There are many factors that can lead to a seller’s market. Everything from location to environmental conditions can impact a local market. But there are two factors that ultimately determine whether it’s a seller’s or buyer’s market.

First is the number of actual homes for sale in any given area. This can be homes listed by licensed real estate agents as well as homes privately listed by the home owner which are called For Sale By Owner or FSBO’s. For this article, we’ll be looking only at homes listed in the MLS as they represent the vast majority of homes for sale. The second determining factor is the number of buyers who are actively looking to purchase a home. Let’s take a little deeper look at these prime factors.

As of this writing, there is a total of 4, 379 homes listed in MLS as active. This does not include homes that are listed but are in contract or pending and have not yet closed. In the Columbus market, and heading into the busiest time of year for real estate transactions, we should be looking at a number as high as 8,000-10,000 active listings! So our listing inventory is way down. In fact it’s estimated that the Central Ohio MLS has an inventory of just 30 days. That means quick selling time! Meanwhile, with the improving stability of the economy (perceived or real) and very decent interest rates for mortgagors, we are seeing a tsunami of active buyers entering the market. This creates a sense of urgency in buyers which leads to offers coming in quickly and often times at or over the list price. This is probably the most basic example of a supply and demand environment that creates a seller’s market.

What does this mean for you if you’re thinking about selling your home? Get it listed! This market will correct itself…it always does. When this happens, days on market will likely go up and purchase prices will level out.

With all this said, the question becomes, “Should I sell now when inventory is low?” If you need to move quickly, if you need top dollar for your home or if the idea of keeping your home “showing ready” makes you break out in hives, the answer may be YES. With the average days on market in Central Ohio at 47.4 and list price to sale price ratio at 98.2%, you stand a darn good chance of going from listing to contract to the closing table in record time.

About the author: Michele McTeague has been a licensed real estate agent since 1992 and has helped many people buy and sell homes in varying market conditions. Michele can be reached atmichele@plumtreerealty.com

Thinking of selling your home? I am honored to help people with the biggest financial and perhaps personal decision of their lives by utilizing my years of experience in marketing real estate and industry connections.My utmost goal is to provide each and every client the highest level of service that is based on honesty and integrity.

I work in Fairfield and Franklin counties including the cities of Pickerington, Reynoldsburg, Canal Winchester, Pataskala, Blacklick, Gahanna and surrounding areas.


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Phone: 614-581-3274
Dated: June 26th 2017
Views: 183
About Michele: Licensed since 1992, Michele has worked in the Real Estate industry providing professional insight a...

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