Don’t put it off any longer. If you’re considering selling your house this is the time to seriously consider making a move. Fannie Mae’s recent Home Purchase Sentiment Index (HPSI) reveals that the number of consumers who say it’s a good time to sell a house is higher compared to lower numbers over the last few summers (see graph below).
Why are sellers opinions changing year-over-year?
The sentiment has to do with low housing supply and high buyer demand. To put it simply, there aren’t enough houses available for sale right now to meet the high buyer demand that we’re experiencing.
According to the latest data from the National Association of Realtors (NAR), we’re most definitely still in a sellers’ market because housing supply is well below a balanced norm (shown in the graph below).
Clearly, today’s market is an ideal environment for a seller. But while housing supply is indisputably low, the graph also shows how inventory is going up little by little each month as more homes are placed on the market.
As a seller, that means each month, buyers have more options to pick from. By default, that means that overtime your home will attract less attention from potential buyers.
Danielle Hale, Chief Economist for realtor.com, explains it like this:
“More homeowners continue to list homes for sale compared to a year ago… Notably, while new listings continue to lag behind a more ‘normal’ 2019 pace, the gap is shrinking. Even though homes continue to sell quickly thanks to high demand and limited supply, new listings are subtly shifting the balance of market conditions in favor of buyers.”
All in all, stop waiting to sell and take advantage of current market conditions before it’s too late. Inventory is gradually increasing each month, so selling sooner rather than later will help you maximize your home’s potential.
The unique mix of low supply and high demand that we’re seeing won’t last much longer. Let our agents help you take advantage of today’s sellers market.