When it comes to selling your house, you are probably trying to juggle the current market conditions and your own needs as you plan your move.
One thing that may be working in your favor is how few homes there are for sale right now. Here is what you need to know about the current inventory situation and what it means for you.
The Supply of Homes for Sale Is Far Below the Norm
When you are selling something, it helps if what you are selling is in demand, but is also in low supply. Why? That makes it even more desirable since there’s not enough to go around. That is exactly what is happening in the housing market today. There are more buyers looking to buy than there are homes for sale.
To tell the story of just how low inventory is, here is the latest information on active listings, or homes available for sale. The graph below uses data from Realtor.com to show how many active listings there were in September of this year compared to what is more typical in the market.
As you can see in the graph, if you look at the last normal years for the market (shown in the blue bars) versus the latest numbers for this year (shown in the red bar), it is clear inventory is still far lower than the norm.
What That Means for You
Buyers have fewer choices now than they did in more typical years. And that is why you could still see some great perks if you sell today. Because there are not enough homes to go around, homes that are priced right are still selling fast and the average seller is getting multiple offers from eager buyers. Based on the latest data from the Confidence Index from the National Association of Realtors (NAR):
69% of homes sold in less than a month.
2.6 offers: the average number of offers on recently sold homes.
An article from Realtor.com also explains how the limited number of houses for sale benefits you if you’re selling:
“. . . homes spent two weeks less on the market this past month than they did in the average September from 2017 to 2019 . . . as still-limited supply spurs homebuyers to act quickly . . .”
The state of the housing market can have a significant impact on your experience when selling your house.
The current inventory situation, or the number of homes available for sale, is an important factor to consider. Here is what you need to know about it:
Low Inventory: A low inventory of homes for sale can be advantageous for sellers. When there are fewer homes on the market, it typically means there's more demand for the available properties. This increased demand can lead to higher sale prices and a quicker selling process.
Increased Competition: With low inventory, your home may stand out more among potential buyers. However, it also means that buyers may be more competitive, and you may receive multiple offers. This can lead to bidding wars, potentially driving up the sale price.
Faster Sales: Low inventory often results in quicker sales, as buyers may be eager to secure a home in a competitive market. If you are looking to sell your house and move quickly, this can work to your advantage.
Pricing Strategy: A low inventory market may allow you to set a more competitive price for your home. It is essential to work with a real estate agent who understands the local market dynamics and can help you determine the right asking price.
Market Dynamics: The inventory situation can vary from one location to another. It is crucial to assess the conditions in your specific area, as real estate markets can be influenced by factors like population growth, economic conditions, and housing developments.
Timing: Timing can be critical when selling your house. If the inventory is low and you have a desirable property, it may be a good time to list your home. However, you should also consider your personal circumstances and when it is most convenient for you to move.
Preparing Your Home: To take advantage of a low inventory market, ensure your home is in the best possible condition. Staging, repairs, and decluttering can make your property more appealing to potential buyers.
Consulting a Real Estate Professional: Working with a local real estate agent is crucial to navigate the current market conditions effectively. They can provide valuable insights, help you set the right price, and market your home to potential buyers.
Bottom Line
In summary, a low inventory of homes for sale can work in your favor as a seller, potentially leading to higher sale prices and faster transactions. However, it is essential to understand the specific market conditions in your area and work with professionals who can help you make the most of the situation.
Because the supply of homes for sale is so low, buyers desperately want more options – and your house may be just what they are looking for today. Let’s connect to get your house listed at the right price for today’s market. You could still see it sell quickly and potentially get multiple offers.
