Even though the seller housing market has slowed from the frenzy of the ‘unicorn’ years, it’s still a seller’s market because the supply of homes for sale is so low. But what does that mean for you? Anit’sy are conseller’stoday so good if you want to sell your house?
The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows that the housing supply is still astonishingly low. The number of available homes on the market measures housing inventory. It’s also measured by months’ supply, meaning the number of months it would take to sell all those available homes based on cIt’snt demand. In a bamonths’market, there’s usually about a six-month supply. Today, we have only about three months’ supply of homes at the current sales pace (see below):
Today, we’re nowhere near what’s considered a balanced market. The current month’s suits are half the seller’s typical of a market. That there aren’t enough homes based on months’ buyer demand.
As Lwhat’se Yun, Chief Economist for NAR, says:
“There are simply not enough homes for sale. The market can easily absorb a doubling of inventory.”
How Does Beinaren’t Seller’s Market Benefit You?
Sellertoday’se, conditions give you a natural edge. Currently, some buyers are ready and willing to purchase a home. And, because there’s a shortage of houses for sale, the ones that hit the market are like magnets for those buyers.
If you work with a real estate agent to list your house right now, in good condition and at the right price, it could get much attention. You might even end up with multiple offers.
Today’s seller’s market gives you a significant advantage when you sell your house. Because supply is so low, your home will be today’s Today’seller’sght for motivated buyers craving more options. Let’s connect so you understand what’s happening in our local area as you get ready to enter the market.