Real Estate
Even though activity in the housing market has slowed from the frenzy that was the ‘unicorn’ years, it’s still a seller’s market because the supply of homes for sale is so low. But what does that really mean for you? And why are conditions today so good if you want to sell your house?
The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows housing supply is still astonishingly low. Housing inventory is measured by the number of available homes on the market. It’s also measured by months’ supply, meaning the number of months it would take to sell all those available homes based on current demand. In a balanced market, there’s usually about a six-month supply. Today, we have only about 3 months’ supply of homes at the current sales pace (see graph below):
As the visual shows, given the current inventory of homes, it’s still a seller's market.
Today, we’re nowhere near what’s considered a balanced market. In fact, the current months’ supply is half of what’s typical of a normal market. That means there just aren’t enough homes to go around based on today’s buyer demand.
As Lawrence Yun, Chief Economist for NAR, says:
“There are simply not enough homes for sale. The market can easily absorb a doubling of inventory.”
Sellers, these conditions give you a real edge. Right now, there are buyers who are ready, willing, and able to purchase a home. And, because there's a shortage of homes up for sale, the ones that do hit the market are like magnets for those buyers.
If you work with a local real estate agent to list your house right now, in good condition, and at the right price, it could get a lot of attention. You might even end up with multiple offers.
Today’s seller’s market sets you up with a big advantage when you sell your house. Because supply is so low, your house will be in the spotlight for motivated buyers who are craving more options. Let’s connect so you understand what’s happening in our local area as you get ready to enter the market.
Stay up to date on the latest real estate trends.
Together, we can explore neighborhoods that bring you closer to the people and places you love most.
To see how much equity you have and talk through how it can help fuel your next move, let’s connect.
Many people don’t put down 20% unless they’re trying to make their offer more competitive.
You deserve to check selling your house off your list of goals this year.
Buying a home during the winter means less competition, motivated sellers, and potentially lower prices, too.
Starter homes are making a bit of a comeback, and this could be your chance to find one.
The true value of your home depends on a range of factors that automated tools just can’t account for.
Your credit score is important – but that doesn’t mean it needs to be perfect
Depending on your needs and budget, a new build might be the opportunity you’ve been waiting for
You’ve got questions and we can’t wait to answer them.