Although the housing market frenzy of the past year has slowed down, the current low supply of homes for sale continues to make it a sellers’ market. But what exactly does this mean for you as a potential home seller, and why are current conditions so advantageous?
Firstly, the low supply of homes available for sale is driving up competition among buyers, which in turn is keeping prices on the rise. According to the latest report from the National Association of Realtors (NAR), there is currently a 2.6-month supply of homes at the current sales pace. In a “normal” or “neutral” market, a 6-month supply is necessary to accommodate enough homes for active buyers.
As a result, buyers are eager to find and purchase homes quickly, creating a highly competitive marketplace. This can lead to multiple offers, with buyers doing their best to submit attractive bids to stand out among the competition. Sellers are then in a stronger position to negotiate deals that meet their ideal terms, ultimately maximizing the return on their investment.
According to Lawrence Yun, Chief Economist at NAR, “Inventory levels are still at historic lows. Consequently, multiple offers are returning on a good number of properties.” So, if you list your house now in good condition and at the right price, it could attract a lot of attention from competitive buyers.
In conclusion, today’s low supply market presents a great opportunity for homeowners looking to sell their property. By taking advantage of the current conditions and listing your house at the right time and price, you can maximize your exposure to serious buyers and get the best possible return on your investment. Contact a real estate professional today to jumpstart the selling process.
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