The data from the first few months of 2018 is in and the message is clear—it’s a seller’s market in El Segundo. With multiple bids coming in for nearly every home, now is a great time to list your home.
What is a Seller’s Market?
A seller’s market is a housing market that favors sellers. It is a matter of economics, of supply and demand. The supply of homes is not sufficient to meet the demand. There are so many people looking to buy a home that sellers tend to get multiple offers.
The high demand means that sellers often sell quickly. The seller may even get more than asking price.
When you are selling a home, being in a seller’s market is a great thing. You get to set the standards and dictate the terms. What’s not to like?
Why is El Segundo a Seller’s Market?
The fact that you live in El Segundo means you already know how great it is. But the secret is out. People from all over the country and the world are looking to buy in El Segundo. That means you can list your home and sell it fast—and for a price you can be happy with.
The home values here went up 8% over 2017, and are expected to go up another 4.3% over the coming year. In just the first few months of 2018, homes are only on the market around a month before they sell. These statistics indicate a seller’s market, one that should make selling your home a simple, straightforward process with minimal fuss.
What are the Advantages of Being in a Seller’s Market?
If you are selling your home in El Segundo, you have a lot to look forward to.
Your home will sell more quickly.
Selling a home can be a test of patience for many, as it is often hard to predict how long your home will stay on the market. But when you are in a strong seller’s market, the sale may happen more quickly than you expect.
Depending on how hot the market is homes may spend only a week or two on the market before they are snatched up. Even if the home does stay on the market for longer, in a seller’s market you can be fairly certain that you will sell your home.
Your home will sell for a good price.
Price is usually the main concern of home sellers, for obvious reasons. You want to get as much money as you can for your home. Being in a seller’s market makes it much easier to accomplish this goal.
Because there are so many buyers in the market looking for homes, they know that bidding too low will lose them the home of their dreams. Competition is fierce, and buyers know it. They are more likely to offer near asking price, and if a bidding war starts, they can easily offer more than asking price.
You get to set the terms of the agreement.
Selling a home involves a lot of different factors, some of which are nearly as important—or more important—than the final sales price. Depending on your circumstances, you may want to close quickly. Or, perhaps you don’t want to go to the trouble of making certain repairs. Whatever kind of terms you want to set for the sale, you are more likely to get what you want in a seller’s market.
What if You Are a Buyer in a Seller’s Market?
Finding out you are in a seller’s market is great when you are about to list your home, but what if you are trying to buy a home? Sometimes you don’t have time to wait around for the market to turn in your favor.
There are several things you can do to increase your odds of success when you are buying in a seller’s market, including:
- Get pre-approval for your mortgage before making an offer. The terminology surrounding mortgages can be confusing. Pre-qualification is easy to get, and almost worthless in a seller’s market because you can very easily be turned down for a loan even with a pre-qualification. Pre-approval takes more effort to get but means you are much more likely to get the mortgage when it’s time to buy.
- Be ready to compromise. You do not have the upper hand in a seller’s market, so prepare yourself to compromise.
- Be ready to pay more than you might want to. If you are trying to buy a house that others want, you will have to outbid them—which may mean paying more than asking price.
2018 is a Year for Sellers
If you have been waiting for the right time to sell your home in El Segundo that time is now. Enjoy all the benefits of a seller’s market by listing now.
