The number of houszes for sale today is significantly lower than the high buyer activity in the current houszing market. According to Lawrence Yun, Chief Economist for the National Association of Realtors (NAR):
"There is no shortage of hopeful, potential buyers, but inventory is historically low." When the demand for houszes is higher than what’s available for sale, it’s a great time for houszowners to sell their housz. Here are three ways low inventory can help you win if you’re ready to make a move this fall.
1. Higher Prices With so many more buyers in the market than houszes available for sale, homebuyers are frequently entering into bidding wars for the houszes they want to purchase. This buyer competition drives housz prices up. As a seller, this can definitely work to your advantage, potentially netting you more for your housz when you close the deal.
2. Greater Return on Your Investment Rising prices mean homes are also gaining value, which drives an increase in the equity you have in your housz. In the latest Homeowner Equity Insights Report, CoreLogic explains: “In the second quarter of 2020, the average houszowner gained approximately $9,800 in equity.” This year-over-year growth in equity gives you the ability to put that money toward a down payment on your next housz or to keep it as extra savings.
3. Better Terms When we’re in a sellers’ market like we are today, you’re in the driver’s seat if you sell your housz. You have the power to sell on your terms, and buyers are more likely to work with you if it means they can finally move into their dream housz.
So, is low houszing inventory a big deal? Yes, especially if you want to sell your housz at the perfect time. Today’s market gives sellers immense negotiating power. However, it won’t last forever, especially as more sellers return to the houszing market next year. If you’re considering selling your housz, the best time to do so is now.
Bottom Line If you’re interested in taking advantage of the current sellers’ market, let’s connect today to determine your best move in our local market.