When it comes to selling your house, navigating the ever-changing market conditions while aligning them with your personal needs can be challenging. However, understanding the current dynamics of the housing market can give you an edge in your selling journey.
One significant factor working in your favor is the scarcity of available homes for sale at the moment. Here’s a breakdown of the existing inventory situation and its implications for you.
The Supply of Homes for Sale Is Below the Norm
Selling becomes easier when the item in question is both in demand and limited in supply. This scarcity tends to increase the item’s desirability, and this is precisely the scenario unfolding in today’s housing market. There’s an influx of eager buyers, but the number of homes available for sale is significantly lower than the demand.
To illustrate just how scarce inventory is, let’s look at the data from Realtor.com. A comparison of active listings in September of this year (depicted by the red bar) to the typical market conditions (illustrated by the blue bars) clearly indicates that the inventory remains far below the norm.
What This Means for You
Presently, buyers have limited options compared to previous years. Consequently, if you decide to sell your home now, you stand to gain several advantages. Due to the scarcity of homes, well-priced properties are selling swiftly, often attracting multiple offers from eager buyers. The Confidence Index from the National Association of Realtors (NAR) offers insights into this trend:
- 69% of homes are sold in less than a month.
- On average, recently sold homes received 2.6 offers.
An article from Realtor.com further elaborates on how the restricted housing supply benefits sellers:
“…homes spent two weeks less on the market this past month than they did in the average September from 2017 to 2019… as the limited supply compels homebuyers to make quick decisions…”
Given the limited supply of homes for sale, buyers are actively seeking more options, and your property might be precisely what they are looking for. By collaborating with a reputable local agent and pricing your house appropriately for today’s market, you could experience a swift sale and potentially receive multiple offers.
In essence, understanding the current market dynamics can empower you to make informed decisions, ensuring a successful and expedited sale of your home.