Is Now the Perfect Time for Home Sellers?

Contemplating whether it's the right moment to put your house on the market? The concise answer is a resounding yes. Examining the current housing inventory reveals two compelling reasons supporting this affirmative stance.

According to data from Calculated Risk, there is a noteworthy 15.6% increase in homes for sale compared to the same week last year. This surge indicates a growth in inventory. However, delving deeper into the statistics and comparing them to 2019, the last "normal" year in the housing market, unveils a striking revelation – there are nearly 40% fewer homes available at present.

A visual representation of this trend, with red and blue squares, vividly illustrates the shift in inventory over the years.

Now, let's explore how this current housing scenario can be advantageous for sellers.

1. Enhanced Options for Your Move Are you contemplating selling due to your existing home being too spacious, cramped, or because your lifestyle demands have evolved? The year-over-year increase in inventory affords you a broader spectrum of choices for your next residence. Consequently, your home search becomes less of a daunting challenge.

If concerns about finding a suitable home were holding you back from selling, this surge in available homes may just be the positive development you were awaiting. Collaborating with a local real estate professional can ensure you stay informed about the diverse properties within your vicinity.

2. Limited Competition in the Seller's Arena Despite the apparent increase in available homes, it's essential to put things in perspective – the current inventory is still significantly lower than what would be considered normal, as evidenced by the almost 40% reduction compared to 2019. Addressing this, a recent Realtor.com article points out:

“. . . 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 sellers, this translates to a favorable scenario. Properly pricing your home, with the guidance of a skilled agent, is likely to attract considerable attention from eager buyers, potentially leading to a swift sale.

In Conclusion

For homeowners contemplating a sale, the present moment presents an opportune time. With an expanded array of choices for your next home and a relatively limited pool of competitors, the conditions favor sellers. If you're ready to embark on the journey of selling your home, let's connect and set the wheels in motion

2-28-2024