What is a sellers market?

What is a sellers market? A sellers market in real estate is when there are more buyers then homes on market. Supply vs. Demand in other words. Currently Simi Valley is experiencing a sellers market. In the past 24 hours there have been 9 new listings versus 12 closed listings, 2 also went into pending and 11 under contract. When inventory is going out faster than it is coming in you have a classic example of a sellers market.

If you are a seller, a sellers market is a good thing to be in. However if you are looking to buy a home you may find yourself getting into a bidding war or overpaying. So how does a buyer get a deal in a sellers market? Although it can be a tough strenuous journey, it is not impossible. Try to avoid only looking at new listings, newer listings tend to have more eyes on them which leads to more activity. Listings on market for more days are more inclined then newer listings to drop a little on the price. You never know how a seller will react to an offer so try not to let a gap deter you from getting in the game.

So should I sell? Of course! But first, do your homework and get ready to show. New paint, carpet and most importantly DECLUTTERING everything goes so much further then you would think. It’s not that you’re going to get an insanely more amount of money, but you are going to get a lot more people through the door and that will be how you get your offer. SO IMPORTANT, price your home fairly! A person looking to buy a home generally speaking is looking at EVERY house that comes on market via social media, you want yours to be the one they decide to walk into.  Overpricing can lead to long days on market which overtime is less and less eyes on the property. Use your neighborhood comps to help value your home but do so from an unbiased view of your home. Every momma thinks their baby is cute right?

Contact me for a FREE Comparative Market Analysis of your home. Ready to go on market? Sell it with Salit!


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