Wondering if it still makes sense to sell your house right now? The short answer is, yes. And if you look at the current number of homes for sale, you’ll see two reasons why today’s housing supply is a sweet spot for sellers.
Recent data from Calculated Risk indicates a significant shift in the housing market. Compared to the same period last year, there’s a noticeable increase of 15.6% in the number of homes available for sale. This uptick in inventory suggests that the market has expanded.
However, when we look further back to 2019, considered the last “normal” year for the real estate market, the current inventory is almost 40% lower. This dichotomy presents a unique landscape for potential sellers:
Here’s a breakdown of how this benefits you when you sell.
1. Enhanced Opportunities for Relocation
Are you thinking about selling because your current house is too big or too small, or because your needs have changed? If so, the year-over-year growth in housing inventory translates to a broader selection for those wanting to purchase a new home. This expansion gives you more options for your home search. That means it may be less of a challenge to find what you’re looking for.
So, if you were holding off on selling because you were worried you couldn’t find a home you like, this may be just the good news you needed. Partnering with a local real estate professional can provide invaluable assistance, ensuring that you’re well-informed about the homes available in your area. Recently, we wrote a blog about experts’ predictions for the housing market this year that you might find interesting.
2. You Still Won’t Have Much Competition When You Sell
To put that into perspective, although the current inventory shows that there are more homes for sale now, there still aren’t as many as there would be in a normal year. Remember, the data from Calculated Risk shows we’re down nearly 40% compared to 2019. This gap underscores a lingering scarcity in the market that is unlikely to be solved overnight. As a recent article from Realtor.com explains:
“. . . the number of homes for sale and new listing activity continues to improve compared to last year. However the inventory of homes for sale still has a long journey back to pre-pandemic levels.”
For you, that means if you work with a skilled real estate agent to price your house right, your property should attract significant interest from buyers and could result in a swift sale.
Bottom Line
For homeowners considering selling, the current market conditions are favorable and present a sweet spot for sellers. The increased inventory provides more opportunities for those looking to purchase a new home, while the relative scarcity of listings ensures limited competition for sellers. For those ready to take the next step in their real estate journey, now is an opportune time to initiate the process.
Engaging with a professional, like Bay Shores Real Estate, can facilitate a smooth transition, aligning with current market trends and individual aspirations. Let’s connect if you’re ready to sell or have questions about today’s local market.
