Are you a homeowner looking to sell your house? Now might be the best time to do so with the huge advantage you have in today’s housing market. High buyer demand paired with small size of houses for sale makes this the optimal time to sell if you’re ready to do so. We’ll cover the reasons creating the prime opportunity to sell this summer.
High Buyer Demand
There’s a huge demand for houses and buyers are actively searching for properties to purchase. According to National Association of Realtors’ monthly Realtors Confidence Index Survey, buyer traffic is considered “very strong” in almost every state. Homebuyers aren’t just great in numbers now - they’re also determined to find their dream home. NAR reports that an average home for sale today receives five offers from potential buyers. The frequent bidding wars can really drive the price of your house upwards, which is why the high demand from competitive homebuyers is such a win for this summer’s sellers.
Low Inventory of Houses for Sale
Since there’s a huge demand for houses on the market, we’re running out of available homes for sale. Danielle Hale, Chief Economist at realtor.com explained that:
“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.”
NAR also reveals that unsold inventory sits at a 2.4-months’ supply at the current sales pace. This is far lower than the historical norm of a 6.0-months’ supply. Homes are essentially selling as fast as they’re hitting the market. The Single Family Home inventory shows a significant decrease from last year as it goes from 1,290,000 to 990,000 for the month of April
While homebuilders are increasing construction this year, they still can’t keep up with the growing demand. U.S Census Bureau notes:
“The seasonally‐adjusted estimate of new houses for sale at the end of April was 316,000. This represents a supply of 4.4 months at the current sales rate.”
What Does This Mean for You?
This is a great time to list your house for sale if you’re considering doing so. A seller will always negotiate for the best deal especially when the demand is high and the inventory is low.
Summary
With the economy recovering and the vaccines are being rolled out, more and more houses will be available in the market. Don’t wait for competitions to show up. If you’re ready to make a move, now is the time to sell. Let’s connect today to get your house listed at this optimal moment in time.
