Even though housing prices have softened and market activity has slowed from the frenzy we saw over a year ago, today’s low supply of homes for sale means we're still in a sellers’ market.
But what does that really mean? Why are conditions still good if you want to list your house?
It starts with the number of homes available for sale. The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows housing supply is still astonishingly low.
Today, we have a 2.6-month supply of homes at the current sales pace. Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market in which there are enough homes available for active buyers.
What Does This Mean for You?
When the supply of homes for sale is as low as it is right now, it’s harder for buyers to find one to purchase. That creates increased competition among purchasers and keeps upward pressure on prices.
And if buyers know they’re not the only one interested in a home, they’re more likely to submit an attractive offer. As this happens, sellers are positioned to negotiate deals that meet their terms.
Lawrence Yun, Chief Economist at NAR, says:
“Inventory levels are still at historic lows. Consequently, multiple offers are returning on a good number of properties.”
Right now, there are still buyers who are ready, willing, and able to purchase a home. If you list your house right now in good condition and at the right price, it could get a lot of attention from serious buyers.
Bottom Line
Today’s sellers’ market holds great opportunities for homeowners ready to make a move.
Listing your house now can maximize your exposure to serious, competitive buyers.
If you've been considering the sale of your home, contact me to discuss winning strategies and how to jumpstart the process.
Helping To Find Your Place In The World
Stephanie Sills - MBA, MIM, REALTOR®
Palermo Properties Team at COMPASS
DRE 02060529 | 650.678.5707 | [email protected]
Source: KeepingCurrentMatters.com
