Now could be the perfect time to sell your house, especially since there is a shortage of homes on the market. According to a report by HousingWire, inventory is at an all-time low, with no signs of a spring increase. The National Association of Realtors (NAR) has confirmed the low housing inventory by looking at the months’ supply of homes on the market, stating that anything lower than a six-month supply indicates a sellers’ market. Currently, the supply is much lower, with unsold inventory at a 2.6-month supply.
With less inventory on the market, there is less competition from other sellers, making your house more appealing to potential buyers. Since there are more buyers than homes for sale, you may receive multiple offers, which can lead to a bidding war and increase your leverage to sell on your terms. However, it’s important to work with a real estate advisor to maximize the opportunity for a bidding war to occur.
Although it’s still a strong sellers’ market, today’s buyers are focused on homes with the greatest appeal. Therefore, it’s crucial to make your home as attractive as possible to appeal to as many buyers as possible. Well-priced, move-in ready homes with curb appeal in desirable areas are still receiving multiple offers and selling for over the asking price in many parts of the country, according to Clare Trapasso, Executive News Editor at Realtor.com.
In summary, if you have been waiting for the right time to sell your home, the low inventory this spring presents a big opportunity. Contact a real estate advisor today to ensure that your home is ready to sell and take advantage of this market.
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