If you're contemplating putting your house on the market, it's important to note that the current housing inventory is significantly low, making it an opportune moment to sell. Unusual seasonal trends have led to fewer homes being listed for sale this year, presenting an advantageous scenario for potential sellers.
Reflecting on the data from previous years, specifically every April since 2017, it's clear that the only instance when fewer houses were listed for sale was during April 2020. This anomaly occurred due to the unprecedented circumstances of the pandemic that momentarily disrupted the housing market (depicted in red in the graph below). Under normal conditions, approximately 500,000 sellers typically list their homes in the market in April. However, this year, fewer than 400,000 sellers made their entrance into the market during this month (see graph below):
Several factors contribute to this trend, one of which is the phenomenon known as 'rate lock.' Many homeowners are hesitant to move as their existing mortgage rate is lower than the current rates they would receive on their next property. A recent survey from Realtor.com indicates that 56% of potential sellers planning to sell in the next year are adopting a 'wait-and-see' approach, hoping for rates to decrease.
While this strategy might be beneficial for some sellers, it also paves the way for those ready to seize the opportunity now. If your present home no longer fits your needs and you're prepared to make a move, this might be the perfect window of opportunity. With fewer sellers listing their homes, buyers have limited choices, which positions your home to potentially garner considerable attention. This scenario could result in your home receiving multiple offers, given the decreased competition – particularly if your property is priced correctly.
Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), reinforces this perspective:
"Housing inventory remains at historically low levels... As a result, we're witnessing a resurgence in multiple offers for a significant number of properties."
In conclusion, if you're prepared to sell now, it's the perfect time to outpace your competition before they flood the market. By doing so, your property could potentially stand out, attract multiple offers, and ultimately, result in a successful sale. Let's connect to ensure your home is ready for the market.
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