Mortgage
Wondering if it still makes sense to sell your house right now? The short answer is, yes. Especially if you consider how few homes there are for sale today.
You may have heard inventory is low right now, but you may not fully realize just how low or why that’s a perk when you go to sell your house. This graph from Calculated Risk can help put that into perspective:
As the graph shows, while housing inventory did grow slightly week-over-week (shown in the blue bar), overall supply is still low (shown in the red bars). Compared to the same week last year, supply is down roughly 10% – and it was already considered low at that time. But, if you look further back, you’ll see inventory is down even more significantly.
To gauge just how far off from normal today’s inventory is, let’s compare right now to 2019 (the last normal year in the market). When you compare the same week this year with the matching week in 2019, supply is about 50% lower. That means there are half the homes for sale now than there’d usually be.
The key takeaway? We’re still nowhere near what’s considered a balanced market. There’s plenty of demand for your house because there just aren’t enough homes to go around. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:
“There are simply not enough homes for sale. The market can easily absorb a doubling of inventory.”
So, if you want to list your house, know that there’s only about half the inventory there’d usually be in a more normal year. That means your house will be in the spotlight if you sell now and you may see multiple offers and a fast home sale.
With the number of homes for sale roughly half of what there’d usually be in a more normal year, you can rest assured there’s demand for your house. If you want to sell, let’s connect now so your house can shine above the rest while inventory is so low.
Stay up to date on the latest real estate trends.
Mortgage
To find out how much equity you have in your current house, let's connect.
New Listing
3 beds + den | 2 baths | 2,912 sq ft
Mortgage
Let’s talk so you know what to do differently
Mortgage
Not all markets are the same – some will take a bit longer to get back to more typical levels
Mortgage
History shows that home values almost always go up – especially if you live there for at least five years
Mortgage
They’re designed to help you overcome some of the biggest financial hurdles in the homebuying process
Mortgage
As you pay down your mortgage and as home values rise over time, you gain equity.
Mortgage
A great agent will help you figure out the level of staging that makes the most sense for your goals.
Mortgage
Those 3% rates everyone remembers from a few years ago were the exception, not the rule.
You’ve got questions and we can’t wait to answer them.