With the housing market on a constant roller coaster the last two years, one of the questions I hear frequently is are we in a buyer’s or seller’s market?
Hi, I’m Tanja Odzak, Our East Bay Home brokered by eXp Realty… and I sell homes in Oakland, Berkeley, and the San Francisco East Bay
So, what is the current status of the market? According to the National Association of Realtors, the housing market is currently in a seller’s market due to the low supply of homes on the market. But what does that actually mean and why are conditions so good to list your home today? It has to do with the absorption rate. With the current low inventory, today we have a 2-6 month supply of homes at the current sales pace.
Historically a 6 month supply is a “normal” or “neutral” market which means there are enough homes available for active buyers. If we were in a buyer’s market, there would be an excess of inventory, and more homes on the market than buyers.
As a seller when there is a low supply of homes, you are in a better position to get the terms you want on the sale. As a buyer, it can be harder for you to purchase at the terms you need due to the increased competition.
This can create the multiple offer scenario we all became familiar with in 2020 and early 2021. According to National Association of Realtors Chief Economist, Lawrence Yun and I quote “Inventory levels are still at historic lows. Consequently, multiple offers are returning on a good number of properties.”
With that said, there are still buyers who are ready, willing, and able to purchase a home and if you list your home right now, these favorable conditions will help you get the most from your investment. Of course, we do not have a crystal ball to see how the year plays out so if you are thinking of either buying or selling, please reach out to me so I can help strategize your next move
And if you’re thinking about selling, ask me about my home selling plans where you get to pick which real estate services you want and the fee you pay… Most of the them include my super duper digital marketing that… no one else does in our area. I’m Tanja and I sell homes. I offer simplified and transparent choices!
I’m a Top Producing Realtor® in the OAKLAND / BERKELEY / EAST BAY AREA. I’ve been in the San Francisco East Bay Area since I came up to do my undergrad at UC Berkeley (a long time ago!), with a short stint at UC Davis while getting my Master’s. I take my duties as a Realtor® and Fiduciary very seriously, I enjoy educating my sellers and buyers along the way. Putting People, Before Profit.
Why not check out one of my no-obligation, online, On-Demand, virtual Real Estate Seminars?
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