I’ve been reading about an interesting phenomenon in the local (Metro Detroit) housing market. There is currently both a buyers market and a sellers market happening simultaneously. I would expect that this is happening in many areas around the country as the real estate market recovers.
A sellers market is defined as having less than three months of available inventory for sale. A buyers market is having more than that.
What’s happening is that buyers are looking for move-in ready homes. Those homes are being snatched up quickly, and are even back to the days of receiving multiple offers, some above asking price. There is currently only a one and a half month supply of these types of homes in our area, making it a definite sellers market if your home is well kept and move in ready.