There’s a pretty good chance you’ve heard we’re in a serious sellers’ market right now… but what does that really mean? What does it mean when people say conditions today are perfect for people who are ready to sell their house?
It starts with the current inventory of homes for sale.
The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows housing supply is still incredibly low.
Today, we have a 2.6-month supply of homes at the current sales pace. Historically, a 6-month supply is considered ‘normal’ or a ‘neutral’ marketing, meaning there are enough homes available for active buyers.
When housing inventory is as low as it is right now, it’s much harder for buyers to find homes to purchase due to increased competition. Additionally, increased competition among purchasers leads to bidding wars and highly attractive offers. As this happens, sellers are in the ideal position to close a deal that meets, or even exceeds, their ideal terms.
Right now, there are many buyers who are ready, willing, and able to purchase a home. Low mortgage rates and the ongoing rise in remote work have prompted buyers to think differently about where they live – and they’re taking action. If you put your house on the market while supply is still low, it will likely get a lot of attention from competitive buyers.
Today’s market holds fantastic opportunities for homeowners who are ready to sell.
Let’s connect to discuss how to jumpstart the selling process and get you the deal you’ve dreamed of.