Have you found yourself pondering the age-old question: ‘Is now the right moment to sell my home?‘ You’re not alone in this thought! The straightforward response? It’s a resounding ‘Yes!’ With the current shortage in home listings, the market is hot and ready. Not only is it a prime time to consider selling, but doing so might also give you an edge and potentially get you a better deal than you’d expect.
You’ve probably overheard or picked up on the chatter about the slim pickings in property listings lately, especially when compared to the real estate landscape of the past few years. And while that might sound a touch concerning at first, there’s a silver lining for folks like you eyeing the seller’s market. Not fully getting the buzz? Don’t sweat it. To truly grasp the magnitude of this shift and see why this could be your golden ticket in selling, take a gander at this insightful graph from Calculated Risk right below.
Inventory is Still Historically Low
Spot that slight rise in the blue bar? Yep, that’s our housing listings nudging up by a modest 0.7% from a couple of weeks ago. Not a huge jump, but something! However, those bold red bars? They’re sounding the alarm. They make it clear that we’re working with a thin spread in our housing supply. To put things in perspective, we’re trailing by roughly 10% compared to this same week the previous year. And let me paint a picture for you: the shelves were already looking pretty bare in the housing market inventory even then. It’s like going to your favorite bakery and realizing the shelves are running out of your go-to treats. Fingers crossed we see some more blue upticks soon!
Want an absolute blast from the past and a quick throwback? Let’s rewind to 2019, shall we? Last year, things felt… well, normal in the housing market. Compare this week to the same one in 2019, and guess what? We’ve got about half the number of houses up for grabs now or currently for sale.
Bottom line, and what we’re trying to say? Our housing market’s still tipped in the sellers’ favor at the end of the day. Houses or real estate are hot commodities because there just aren’t enough to meet the demand. Like what we learned back then in our economics classes, always remember the rule of supply and demand.
And don’t just take it from us. Lawrence Yun, the head honcho economist at the National Association of Realtors (NAR), would tell you the same.
“There are simply not enough homes for sale. The market can easily absorb a doubling of inventory.”
So, have you been mulling over the idea of selling your home? Let us give you the inside track: the current market is nothing short of unusual. Inventory is squeezed to about half of what we’re used to seeing in a regular year. What does this mean for you? With fewer houses available, yours has the chance to be the star of the show if you decide to list it. And with a savvy real estate agent guiding you—like someone from our dedicated San Diego team—your property is bound to get more attention. This buzz could translate to multiple interested buyers, potentially leading to a competitive bidding scenario and a quicker sale. Pair that with the right staging and presentation, and you’ve got yourself a winning combo for a successful sale in this unique market
In a nutshell, the current housing inventory is startlingly slim— we’re talking about half of what we’d usually expect in a more typical year. What this translates to is a surge of eager buyers, many of whom are on the hunt for gems like yours. It’s a whirlwind out there, and the buyer’s market is overflowing with demand. So, if you’ve been on the fence about selling, there couldn’t be a more opportune time!
Thinking of selling or making the first move? Feel free to reach out to the McT Real Estate Group so we can assist you with your real estate needs. Just think of how your home could stand out in this current market with limited options and inventory!