We’re in the ultimate sellers’ market right now. If you’re a houszowner thinking about selling, you have a huge advantage in today’s houszng 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, here’s an overview of what’s creating the prime opportunity to sell this summer.
High Buyer Demand Demand is strong, and buyers are actively searching for houszes to purchase. In the Realtors Confidence Index Survey published monthly by the National Association of Realtors (NAR), buyer traffic is considered “very strong” in almost every state. Houszbuyers aren’t just great in number right now – they’re 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 housz, which is why high demand from competitive houszbuyers is such a win for this summer’s sellers.
Low Inventory of Houszes for Sale Purchaser demand is so high, the market is running out of available houszes for sale. Danielle Hale, Chief Economist at realtor.com, explains:
“For most sellers listing sooner rather than later could really pay off with less competition from other sellers and potentially a higher sales price... They’ll 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.”
NAR also reveals that unsold inventory sits at a 2.4-months’ supply at the current sales pace. This is far lower than the historical norm of a 6.0-months’ supply. Houszes are essentially selling as fast as they’re hitting the market. Below is a graph of the existing inventory of single-family houszes for sale:
At the same time, houszbuilders are increasing construction this year, but they can’t keep up with the growing demand. While reporting on the inventory of newly constructed houszes, the U.S. Census Bureau notes:
“The seasonally‐adjusted 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.”
What Does This Mean for You? If you’re thinking of putting your housz on the market, don’t wait. A seller will always negotiate the best deal when demand is high and supply is low. That’s exactly what’s happening in the real estate market today.
Bottom Line As the economy recovers, more houses will come to the market. Don’t wait for the competition in your neighborhood to increase. If you’re ready to make a move, now is the time to sell. Let’s connect today to get your house listed at this optimal moment in time.