Wednesday, April 19, 2023 / by Va Marketing
Are you considering selling your home? If you've been waiting for the right moment, it might be just now because there aren't many houses on the market. HousingWire offers
“. . . the big question is whether we are finally starting to see the seasonal spring increase in inventory. The answer is no, because active listings fell to a new low last week for 2023 . . .”
By examining the months' supply of available homes, the National Association of Realtors (NAR) is able to determine that the housing inventory in the current market is low. Around a six-month supply is required in a balanced market. Lower than that, there is a sellers' market. And the figure is significantly lower now:
“Total housing inventory registered at the end of February was 980,000 units, identical to January and up 15.3% from one year ago (850,000). Unsold inventory sits at a 2.6-month supply at the current sales pace, down 10.3% from January but up from 1.7 months in February 2022.”
Why Is Now a Good Time To Sell Due To Low Inventory?
When you sell, there will be less competition from other sellers because there will be less inventory on the market. That implies that this spring's homebuyers will pay your house more attention. You might even get multiple offers on your home because there are a lot more buyers than there are properties for sale. The number of multiple bids is rising once more (see graph below):
If your home receives many offers, a bidding war between buyers results, giving you more power to sell on your terms. Yet, if you want to increase the likelihood that a bidding battle would break out, make sure you rely on your knowledgeable real estate counsel. Even while we're still in a strong sellers' market, it's not as crazy as it was a few years ago, and purchasers today are concentrated on the homes with the best curb appeal. Crystal Trapasso, Clare Trapasso, Executive News Editor at Realtor.com, explains:
"Well-priced, move-in ready homes with curb appeal in desirable areas are still receiving multiple offers and selling for over the asking price in many parts of the country. So, this spring, it's especially important for sellers to make their homes as attractive as possible to appeal to as many buyers as possible.”
If you’ve been waiting for the right time to sell your house, low inventory this spring sets you up with a big advantage. Let’s connect today to make sure your house is ready to sell.