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Home Sales: A Seller's Market

May 2, 2014, 10:10 PM by Angela Kennecke

Home Sales: A Seller's Market
SIOUX FALLS, SD -

If you're considering listing your home on the market, you may not find a better time.

The number of homes for sale is down and prices are up, creating a perfect seller’s market.

Eric and Kristin Elgersma had outgrown their starter home and were ready to move up with their two boys. 

"We decided we wanted something bigger and found our dream house," Eric Elgersma said.

They made an offer with a contingency that they sell their home, and worried they wouldn't sell fast enough. 

"Actually the average is like 90 days and 22 seemed like forever, but if you think about it, that's really fast," Elgersma said.

22 days is really fast and the Elgersmas are packing up to make their move.  They got close to their asking price and their realtor Raine Jerke says that's typical right now.

"We have a lot more buyers than we have sellers, so if a listing comes up, it's marketed right and prices strategically on the market, it will sell quickly," Jerke said.

Jerke says on average, his homes are on the market less than a month, some are selling before they even hit the multiple listings. 

"In the last couple of weeks, we've seen homes go the same day. I've managed to find buyers before we even list it," Jerke said.

In some cases Jerke says he's seeing bidding wars, when multiple offers come in for the same property. Houses in the Elgersma's price range $150,000 are selling the best. And move up homes, priced from $225,000 to $250,000 are also selling fast.  Jerke credits low inventory of homes for sale, plus social media and other websites. 

"You're talking about Facebook and Craigslist and Realtor.com and Zillow, all those sites if you can get on there quickly, that home has a better chance of moving fast because the buyers are online and that's where they're looking," Jerke said.

In fact, 89 percent of buyers find their next home online. 

A healthy economy, an increase in consumer spending and rising incomes are all expected to fuel the housing market  for the prime home buying season, which is spring and summer.

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