Are you contemplating the sale of your home? If you've been holding out for the perfect moment, now might be the opportune time, given the scarcity of homes available for sale, as reported by HousingWire.
“. . . 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 . . .”
The National Association of Realtors (NAR) has verified that the current housing inventory is notably low, as evidenced by the months' supply of homes available for sale. Typically, a balanced market would have around a six-month supply. However, the current supply falls well below this benchmark, indicating a strong sellers' market.
“Total housing inventory registered at the end of February was 980,000 units, identical to January and up 15.3% from one 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.”
Why Does Low Inventory Make It a Good Time To Sell?
When inventory is scarce in the market during the time of your home sale, you are likely to encounter less competition from other sellers. As a result, your house will garner increased attention from potential buyers who are actively seeking a home this spring. Furthermore, due to the considerable demand from a larger pool of buyers compared to the limited supply of homes for sale, you may even receive multiple offers on your property. The prevalence of multiple offers is once again on the upswing, as indicated by the accompanying graph.
When multiple offers are received for your house, it can ignite a bidding war among buyers, providing you with increased leverage to sell on your preferred terms. However, to maximize the potential for a bidding war, it's crucial to rely on the expertise of your real estate advisor. While the current market still favors sellers, it may not be as frenzied as it was in previous years. Today's buyers are discerning and focused on homes with the greatest appeal, as elucidated by Clare Trapasso, Executive News Editor at Realtor.com.
"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.”
Conclusion:
If you’ve been waiting for the right time to sell your house, low inventory this spring sets you up with a big advantage. Let’s connect today to make sure your house is ready to sell.