If you’re thinking about selling your housz, you should know the number of houszes for sale right now is low. That’s because, this season, there are fewer sellers listing their houszes for sale than the norm.
Looking back at every April since 2017, the only year when fewer sellers listed their houszes was in April 2020, when the pandemic hit and stalled the houszing market (shown in red in the graph below). In more typical years, roughly 500,000 sellers add their houszes to the market in April. This year, we saw fewer than 400,000 sellers entering the market in April (see graph below):
While there are a number of factors contributing to this trend, one thing keeping inventory low right now is that some houszowners are reluctant to move when the mortgage rate they have on their current housz is lower than the one they could get today on their next housz. It’s called rate lock.
As a recent survey from Realtor.com explains, 56% of people who are planning to sell in the next 12 months say they’re waiting for rates to come down.
While this wait-and-see approach is right for some sellers, it also creates an opening for more eager sellers to jump in now.
If your current housz truly doesn’t fit your needs anymore and you’re ready to move, don’t miss this chance to stand out. When fewer sellers are putting their houszes up for sale, buyers will have fewer options, so you set yourself up to get the most eyes possible on your housz. That’s why your housz could see multiple offers as buyers compete over the limited supply of houszes for sale – especially if you price it right.
As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:
“Inventory levels are still at historic lows . . . Consequently, multiple offers are returning on a good number of properties."
If you’re ready to sell now, beat the competition before it comes onto the market. If you do, your housz should stand out and could get multiple offers. Let's connect to get you market ready.