Considering selling your house and curious if it's a good time to do so? Here's the scoop: While the inventory of homes for sale has been increasing this year, there's still a high demand from buyers looking to make a purchase.

So, what does that mean for you exactly? To put it simply, it indicates that it's still a seller's market. Here's the breakdown:

• Neutral market - things are pretty much even-steven — the number of homes up for grabs matches the number of eager buyers. This balance means that home prices stay fairly stable since supply and demand are in harmony.

• Buyer’s market - In a buyer's market, there are more homes for sale than there are buyers. This gives buyers more bargaining power because sellers are open to making concessions to finalize the sale. Sellers might need to lower prices to attract potential buyers, leading to a drop in prices. However, we haven't experienced this scenario in years due to the limited availability of homes for sale.

• Seller’s market - When there are fewer homes for sale like there are now, it becomes tougher for buyers to find a home to buy. This situation increases competition among buyers, often resulting in more bidding wars. Knowing they might face bidding wars, buyers tend to put forward strong offers from the start, potentially increasing the selling price of your house.

The chart down there, based on info from the National Association of Realtors, really shows how much of a seller's market we're still in right now.

What Does This Mean for You?

Good news - the market is currently on your side! By teaming up with a real estate agent to help you prep your house for listing and to set a competitive price, you are likely to attract a lot of interested buyers. This could lead to receiving multiple offers and selling your house swiftly and at top value. Ramsey Solutions recently shared more insights on this topic.

““A seller’s market is when demand for homes is higher than the supply of homes. And that’s still the case right now. If you’re planning to sell your house, you can expect to sell it fairly quickly for close to your asking price—as long as your asking price is realistic for the current market.”
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— Ramsey Solutions

Bottom Line

In today's real estate market, sellers still have the upper hand. If you're thinking about selling your home, it might be a good time to chat and get the ball rolling on your next steps.