Take Advantage of the Seller's Market - Your Opportunity to Sell
Despite a slowdown in housing market activity compared to the 'unicorn' years, it remains a seller's market. The primary reason for this is the remarkably low supply of homes for sale. But what does this mean for you, and why is this an excellent time to list your home?
The most recent Existing Home Sales Report from the National Association of Realtors (NAR) underscores just how limited the housing supply is. We measure housing inventory by both the number of available homes on the market and the months' supply, which represents the time it would take to sell all available homes based on current demand. In a balanced market, we typically see about a six-month supply of homes. Today, however, we have a mere three months' supply of homes at the current sales pace, as depicted in the graph below:
As you can see from the visual, given the current inventory of homes, it's still unquestionably a seller's market. In fact, we are far from what is considered a balanced market, with the current months' supply being only half of what's typical in a normal market. This scarcity of available homes is a direct reflection of the strong demand from buyers in today's market. Lawrence Yun, the Chief Economist for NAR, has noted, "There are simply not enough homes for sale. The market can easily absorb a doubling of inventory."
So, how does being in a seller's market benefit you? For sellers like you, these conditions offer a significant advantage. Currently, there are buyers who are ready, willing, and able to purchase a home. With the shortage of homes for sale, any property that hits the market becomes a magnet for eager buyers. If you decide to list your home right now, in good condition and at the right price, it could garner substantial attention. You might even find yourself in a position to entertain multiple offers.
Today's seller's market positions you with a substantial advantage when selling your home. Due to the scarcity of available properties, your home will stand out and attract motivated buyers who are actively seeking more options. I would be delighted to provide you with more information on what's happening in our local area and guide you as you prepare to enter the market. Feel free to reach out to me at your convenience, and we can discuss your real estate goals in more detail.