There’s a Big Advantage to Selling Your Home Now
Thinking about selling your house? Let’s get moving! If you’ve been waiting for the right time, it could be now while the supply of homes for sale is low. Referring to the national housing market, Housingwire shares:
“…the big question is whether we are finally starting to see the seasonal spring increase in inventory. The answer is no, because active listings fell to a new low last week for 2023…”[1]
Inventory is Low
The National Association of Realtors® (NAR) confirms today’s housing inventory is low by looking at the months’ supply of homes on the market. In a balanced market, about a six-month supply is expected. Anything lower than six-months’ inventory is a sellers’ market. And today, the number is much lower:
“Total housing inventory registered at the end of February was 980,000 units, identical to January and up 15.3% from on year ago (850,000). Unsold inventory sits at a 2.6-month supply at the current sales pace, down 10.3% from January but up from 1.7 months in February 2022.”[2]
Low Inventory Makes a Great Market for Sellers
The less inventory there is on the market when you sell, the less competition you’re likely to face from other sellers. That means your house gets more attention from the buyers looking for a home this spring. Since there are significantly more buyers in the market than there are homes for sale, you could even receive more than one offer on your house. Multiple offers are on the rise again (see graph below).[3]
Multiple Offers Makes the Opportunity Strong for Sellers
If you get more than one offer on your house, it becomes a bidding war between buyers – and that means you have a greater leverage to sell on your terms. But if you want to maximize the opportunity for a bidding war to spark, be sure to lean on your expert, local real estate professional. While we’re still in a strong sellers’ market, it isn’t the frenzy that was seen in recent years, and buyers are focused on the houses with the greatest appeal. Clare Trapasso, Executive News Editor at Realtor.com, explains:
“Well-priced, move-in ready homes with curb appeal in desirable areas are still receiving multiple offers and selling for over the asking price in many parts of the country. So, this spring, it’s especially important for sellers to make their homes as attractive as possible to appeal to as many buyers as possible.”[4]
Final Thoughts
If you’re waiting for a better time to sell you house, there may not be a better time. Low inventory this spring sets you up with big advantage. Contact a local real estate professional to find out what your home is worth in today’s real estate market.
Related Post: 3 Best Practices for Selling Your House This Year
[2] National Association of Realtors®
[3] Ibid.
[4] Move.com
You may be interested in:
