Why Today’s Housing Supply Is a Sweet Spot for Sellers
Are you contemplating whether it’s a good time to put your house on the market? The short answer is, yes. Looking at the present inventory of homes for sale reveals two compelling reasons.
According to a report by Calculated Risk, there is a 15.6% increase in the number of homes for sale compared to the corresponding week last year, indicating a growth in inventory. However, when harking back to 2019, which was the last year considered normal in the real estate market, the current availability of homes is almost 40% lower.
Here’s a breakdown of how this benefits you when you sell.
1. You Have More Options for Your Move
Are you contemplating selling due to the size of your current home, whether it’s too large, too small, or because your requirements have changed? If that’s the case, the year-over-year growth in the housing market provides you with a broader range of options for your home search. This implies that finding what you’re seeking may be less challenging.
Hence, if you had reservations about selling because of concerns about finding a home you truly like, this could be the positive development you’ve been waiting for. Collaborating with a local real estate professional can ensure that you are well-informed about the available homes in your vicinity.
2. You Still Won’t Have Much Competition When You Sell
However, to put this situation in perspective, despite the increased number of homes currently on the market, it’s important to note that we still fall short of the typical inventory levels seen in a standard year. Keep in mind that data provided by Calculated Risk indicates a substantial decrease of almost 40% compared to 2019. It’s crucial to recognize that such a significant deficit won’t be rectified overnight. As a recent article from Realtor.com explains:
“. . . the number of homes for sale and new listing activity continues to improve compared to last year. However the inventory of homes for sale still has a long journey back to pre-pandemic levels.”
For you, that means if you work with an agent to price your house right, it should still get a lot of attention from eager buyers and could sell fast.
Bottom Line
If you are a homeowner who is considering selling, now’s a good time. You’ll find a wider array of choices when searching for your next home, and the competition from other sellers remains relatively low. If you’re prepared to make a move, let’s connect and get the ball rolling.
