Is it a seller's market in Myrtle Beach?
If you have been considering listing your house, now may be the best time all year to do so. The Myrtle Beach area experienced a bit of a slump in February, but not due to a lack of buyers! It was a lack of inventory that caused that little dip in the real estate market. So, why would that make right now a great time to list your home? That lack of inventory makes it a seller's market!
What is a seller's market anyway?
A seller's market is a term used when real estate sales provide more benefits and advantages to the seller as opposed to the buyer. Less inventory available means there are fewer homes for sale than are needed given the number of buyers looking for a home. This is one of the conditions that can create a seller's market because less homes available to choose from means buyers are more motivated when they find the home they want - possibly yours!
Benefits of a seller's market
You might be wondering what additional benefits come with listing your home in a seller's market. Here are just a few to consider:
- Get top dollar! If you use a good pricing strategy, such as starting out with a reasonable and fair price, you are more likely to have multiple buyers interested in your home. Multiple buyers can lead to multiple offers and possibly a bidding war. Even without a bidding war, less homes on the market means you have the best chance of getting top dollar for your listing.
- Sell it faster! With less inventory for buyers to choose from, the chances of your home lingering for months and months without an offer are much less likely. In a seller's market, homes tend to sell fast! As long as you're pricing it right, you can expect the sales cycle to be quicker.
- Sellers control the process and transaction! In a seller's market, you are in the driver's seat. You have more negotiating power to choose closing terms, avoid concessions like covering the buyer's closing costs, and greater ability to choose the best offer.
If you've been waiting to list your home for "the right time", that time may be now! The current seller's market in Myrtle Beach gives you more control and higher possibility of a sale that best benefits you.