It is extremely advantageous to sell your home in today’s housing market. Since we are in the ultimate seller’s market, if you are a homeowner thinking of selling, you will immensely reap the benefits. With low housing inventory in combination with high buyer competition, making this the best possible time to sell your home, if you are ready! Let’s take a closer look at the trends of this housing market and the opportunities you will have as a seller!
High Buyer Demand
Buyers are very active in their search for homes in this market, making demand strong. In the Realtors Confidence Index Survey published monthly by the National Association of Realtors (NAR), buyer traffic is considered “very strong” in almost every state. Today, we are witnessing the average home for sale receiving at least five offers from buyers. Home prices have been steadily increasing with the bidding wars constantly driving up prices.
Low Inventory of Houses
Danielle Hale, Chief Economist at realtor.com, explains this phenomenon:
“For most sellers listing sooner rather than later could really pay off with less competition from other sellers and potentially a higher sales price… They’ll also avoid some big unknowns lurking later in the year, namely another possible surge in COVID cases, rising interest rates and the potential for more sellers to enter the market.”
The current unsold inventory sits at a 2.4-month supply at the current sales pace. The average norm in the US is typically situated around a 6 month supply. Homes are selling as fast as they are hitting the market. Homebuilders are also increasing new constructions this year but are also facing the same issue, and cannot keep up with increasing demand. New builds are currently at a supply of 4.4 months, which is still significantly lower than the national average.
Don’t wait to sell! A seller has the ability to negotiate the best possible deal in the current climate. As we move forward and progress with more vaccines, we are likely to see more houses enter the market. If you are thinking of selling your home, don’t wait for competition to build in your community. If you are ready to make a move in this market, reach out to a trusted Seven Gables Advisor today!