What does it mean to be a sellers market Asheville? This is a term that you’d probably heard thrown around a bit in the last few years. Especially in the WNC & Asheville area. Rodrigo Afanador, Founder of Asheville Cash Buyers, explains what it means, and also lays out the signs to look for that indicate a seller’s market.
Anyone who has looked to buy or sell property in Asheville, Hendersonville, or the surrounding WNC region in the past several years is probably well aware that the market has consistently been referred to as a “seller’s market.” But what exactly does that mean, and how does it affect both sellers and potential buyers?
In simple terms, a seller’s market is one in which the person selling the house has the advantage to dictate or control the terms of the sales process. They are generally afforded this advantage due to a combination of factors:
- Multiple offers – In a seller’s market, there is not enough inventory to go around. Buyers don’t have the luxury of looking at many different properties, so multiple buyers will be looking at a single property. Assuming that the house is priced well and generally desirable, this situation will often lead to multiple offers being put in on a single property. In turn, this can lead to bidding wars and, ultimately, a sales price in excess of the list price.
- Bidding wars – Where multiple offers are coming in on a single property, as is common in a seller’s market, a bidding war is likely to erupt. Essentially, this means that buyers will be trying to outdo one another, either on the amount of money that they’re offering for the property or the terms of the sale that they’re offering. Luckily for the seller, bidding wars will often lead to a sales price that is higher than the list price.
- Sales price above list price – When multiple offers come in on a property and buyers get into a bidding war, the likely result will be that the sales price is pushed up to exceed the list price. This is great news for sellers, as it affords them the opportunity to not only make a greater profit, but also to be choosier about the terms that they accept from a potential buyer.
- Low days on market – Low inventory, as is generally seen in a seller’s market, will typically lead to a low average days on market. Properties will move quickly, and, assuming that the home is priced fairly, sellers won’t have to wait around for a buyer. This can reduce the overall cost of selling a home, and make the transaction run smoothly for both seller and buyer.
All in all, Asheville’s current seller’s market is a great environment for those property owners looking to sell. For buyers, it can seem intimidating, but it is still possible to get in and get a good deal.
To learn more about seller’s markets and how to be successful in one as either a seller or a buyer, reach out to Asheville Cash Buyers at 828-222-6443 or at AshevilleCashBuyers.com!