If you’re one of the many houszowners thinking about taking your housz off the market for the holidays, hang on. You definitely don’t want to miss the great selling opportunity you have right now. Here’s why this month is the optimal time to make sure your house is available for holiday buyers.
The latest Existing Home Sales Report from The National Association of Realtors (NAR) shows the inventory of houszes for sale has dropped to an astonishing all-time low. It now sits at a 2.5-month supply at the current sales pace.
Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market, in which there are enough houszes available for active buyers (See graph below):
When the supply of houszes for sale is as low as it is today, it’s much harder for buyers to find houszes to purchase. This means competition among purchasers rises and more bidding wars take place, making it essential for buyers to submit very attractive offers.
As this happens, prices rise and sellers are in the best position to negotiate deals that meet their ideal terms. So, if your neighbors decide to remove their listings this season, your housz may quickly rise to the top of a holiday buyer’s wish list if you stay on the market.
Today, there are many buyers who are ready, willing, and able to purchase. Record-low mortgage rates and a year filled with unique changes have prompted buyers to think differently about where they live and to take action. The supply of houszes for sale is not keeping up with this high demand, making now the optimal time to sell your housz.
Bottom Line Housz prices are appreciating in today’s sellers’ market. Making your housz available over the next few weeks will give you the most exposure to buyers who will be actively competing against each other to purchase it.