Sell When Others Aren’t Selling
Sellers are in high demand.
If you’re thinking about selling your house, you should know that the number of homes for sale right now is low. This season, there are fewer sellers listing their houses for sale than we would typically expect.
The numbers are with you.
Looking back at every April since 2017 (see graph below), the only year when fewer sellers listed their homes was in April 2020, when the pandemic hit and stalled the housing market (shown in red). In more typical years, roughly 500,000 sellers nationally add their homes to the market in April. According to the National Association of Realtors®, this year, there were fewer than 400,000 sellers entering the market in April.
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While there are a number of factors contributing to this trend, one thing keeping inventory low right now is that some homeowners are reluctant to move when the mortgage rate they have on their current house is lower than the one they could get today on their next house. This is called rate lock.
Realtor Chief Economist Danielle Hale said that the record-low interest rates of the pandemic brought many to upgrading, refinancing, or buying their first home. She continued, “Unfortunately, this comes with a bit of a Catch-22, as homeowners who locked in a 30-year fixed rate in the 2-3% range don’t necessarily want to give that up in exchange for a rate in the 6-7% range.”[2]
The wait-and-see approach may not be your best bet.
As a recent survey from Realtor.com explains, 56% of people who are planning to sell in the next 12 month say they’re waiting for rates to come down.[3]
While this wait-and-see approach is right for some sellers, it creates a big opportunity for more eager sellers to jump in now.
If your current house truly doesn’t fit your needs anymore and you’re ready to move, don’t miss this chance to stand out. When fewer sellers put their homes up for sale, buyers have fewer options, so sellers who act set themselves up to get the most eyes as possible. Your home for sale now could see multiple offers as buyers compete for the limited supply of homes for sale, especially if its priced right.
As Lawrence Yun, Chief Economist and the National Association of Realtors® has said, “Inventory levels are still at historic lows … Consequently, multiple offers are returning on a good number of properties.”[4]
Final Thoughts
If you’re ready to sell now, beat the competition before it comes onto the market. Offer buyers a fair price on what you have to offer and your house should stand out, even potentially receiving multiple offers. Speak with a Realtor to get your home ready to list and to understand your selling options.
Adapted from Keeping Current Matters.
Related Post: There's a Big Advantage to Selling Your Home Now
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