What is a seller's market and how does it affect value?
A seller's market occurs when there are more buyers than available homes, giving sellers the advantage. In this market, homes typically sell faster, receive multiple offers, and sell for closer to or above asking price. Bidding wars can push prices higher than normal market value. Buyers may waive contingencies to compete. Sellers should still price competitively to attract the most interest.
Why It Matters
In a seller's market, your home may be worth more than it would be in a balanced market. Understanding market conditions helps you maximize your sale price.
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