Are you thinking about the common question of whether or not it is now a good time to sell your home? Well, the quick and simple answer to your question is absolutely without a doubt! Given the limited number of homes on the market inventory these days, it’s about prime time to do so.
You might’ve caught wind and already heard the rumors that property listings are quite scarce lately compared to the past few years, but you might not grasp just how much or why it’s a bonus for you when it comes to selling. To understand and give you a clearer picture, check out this graph from Calculated Risk below.
Inventory is Still Historically Low
See the little uptick in the blue bar? That’s a teeny increase in housing listings from a few weeks back, with just about 0.7%. But look at those big red scarlet bars! They show that our overall supply is still pretty slim. In fact, compared to this exact week last year, we’re down by about 10% – and trust me when we say this: the housing market inventory was already pretty scarce back then.
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, are you thinking of selling your home? Here’s the scoop: inventory is way tighter than in a typical year, with only about half the usual listings the market has encountered. This means your place could truly shine if you put it up for sale now, especially with the right real estate agent by your side. You can expect more eyes on your property, possibly multiple offers, and potentially a swift sale.
In a nutshell, the homes on the market right now are about half of what we’d typically see in a regular year. This means people are looking for places like yours, and the buyer’s market is completely saturated right now!
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!