Donât Wait To Sell Your House
Weâre in the ultimate sellersâ market right now. If youâre a homeowner thinking about selling, you have a huge advantage in todayâs housing market. High buyer demand paired with very few houses for sale makes this the optimal time to sell for those who are ready to do so. Whatever the move you want to make looks like, hereâs an overview of whatâs creating the prime opportunity to sell this summer.
High Buyer Demand
Demand is strong, and buyers are actively searching for homes to purchase. In the Realtors Confidence Index Survey published monthly by the National Association of Realtors (NAR), buyer traffic is considered âvery strongâ in almost every state. Homebuyers arenât just great in number right now â theyâre also determined to find their dream home. NAR shows the average home for sale today receives five offers from hopeful buyers. These increasingly frequent bidding wars can drive up the price of your house, which is why high demand from competitive homebuyers is such a win for this summerâs sellers.
Low Inventory of Houses for Sale
Purchaser demand is so high, the market is running out of available homes for sale. Danielle Hale, Chief Economist at realtor.com, explains:
âFor most sellers listing sooner rather than later could really pay off with less competition from other sellers and potentially a higher sales price… Theyâll also avoid some big unknowns lurking later in the year, namely another possible surge in COVID cases, rising interest rates and the potential for more sellers to enter the market.â
NAR also reveals that unsold inventory sits at a 2.4-monthsâ supply at the current sales pace. This is far lower than the historical norm of a 6.0-monthsâ supply. Homes are essentially selling as fast as theyâre hitting the market. Below is a graph of the existing inventory of single-family homes for sale:At the same time, homebuilders are increasing construction this year, but they canât keep up with the growing demand. While reporting on the inventory of newly constructed homes, the U.S. Census Bureau notes:
âThe seasonallyâadjusted estimate of new houses for sale at the end of April was 316,000. This represents a supply of 4.4 months at the current sales rate.â
What Does This Mean for You?
If youâre thinking of putting your house on the market, donât wait. A seller will always negotiate the best deal when demand is high and supply is low. Thatâs exactly whatâs happening in the real estate market today.
Bottom Line
As vaccine rollouts progress and we continue to see the economy recover, more houses will come to the market. Donât wait for the competition in your neighborhood to increase. If youâre ready to make a move, now is the time to sell. Letâs connect today to get your house listed at this optimal moment in time.