DON’T WAIT TO SELL YOUR HOME
We’re in the ultimate sellers’ market now. If you’re a homeowner and thinking about selling, you have an enormous advantage in today’s housing market. High buyer demand paired with only a few houses purchasable makes this the optimal time to sell for those who are ready to do so. Regardless of what the move you want to make looks like, here’s a summary of what’s creating the prime opportunity to sell this summer.
HIGH BUYER DEMAND
Demand is robust, and buyers are actively checking out homes to purchase. In the Realtors Assurance Index Survey printed monthly by the National Association of Realtors (NAR), several buyers are measured as “very strong” in almost every state. Homebuyers aren’t just great in number now they’re also determined to find out their dream home. NAR shows the house for sale today collects five offers from hopeful buyers. These increasingly frequent bidding wars can approach the worth of your house, which is why high demand from competitive homebuyers is such a win for this summer’s sellers.
LOW INVENTORY OF HOMES FOR SALE
Buyer demand is so high, the market is running out of available homes for sale. An expert economist explains:
“Maximum sellers who are listing more willingly rather than far along could pay off with less struggle from other retailers and probably a better 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 therefore the potential for more sellers to enter the market.”
NAR also discloses that unsold inventory sits at a 2.4-months’ supply at the present sales pace. This is often far less than the historical norm of a 6.0-months’ supply. Homes are selling as fast as they’re hitting the market. Below is a graph of the prevailing inventory of single-family homes for sale:
At the following time, homebuilders are increasing construction this year, but they can’t continue with the growing demand. While reporting on the inventory of recently constructed homes, the U.S. Bureau of the Census notes:
“The estimated cyclic calculation of recent houses for sale at the end of April 2021 was 315,000. This signifies a supply of 4.4 months at the present sales rate.”
WHAT DOES THIS MEAN FOR YOU?
If you’re thinking of selling your home on the market, don’t wait. A seller will always negotiate the simplest deal when demand is high and supply is low. That’s precisely what’s happening in the real estate market today.
BOTTOM LINE
We see the economy improve, more houses will come to the market. Don’t wait for the competition in your neighborhood to extend. If you’re able to make a move, now’s the time to sell. Let’s connect today with Izabella Lipetski the top real estate agent in East Bay California to get your house listed at this optimal moment in time.