The Best Time To Sell Your House Is When Others Aren’t Selling
If you're considering selling your home, you should be aware that there aren't many available. This is due to the fact that less sellers than usual have listed their homes for sale this season.
Only in April 2020, when the pandemic struck and the property market halted (as seen in red in the graph below), did fewer sellers advertise their properties than in any other April since 2017. In years that are more normal, about 500,000 sellers list their houses in April. Less than 400,000 sellers entered the market in April of this year (see graph below):
While there are many reasons that contribute to this tendency, one element that is currently keeping inventory low is the reluctance of some homeowners to move when the mortgage rate on their present home is lower than the rate they could now obtain on their next home. It is known as rate lock.
According to a recent survey by Realtor.com, 56% of those who plan to sell within the next year said they're holding out for lower interest rates.
While this wait-and-see strategy may be appropriate for some sellers, it also presents an opportunity for sellers who are more willing to act right now.
Do not pass up this opportunity to make a statement if your current home no longer meets your needs and you are prepared to move. You position yourself to attract the most interest in your home feasible since buyers will have fewer options if fewer sellers are offering their properties for sale. Because of the competition for the small number of available homes, your house may receive several bids, especially if you price it competitively.
The National Association of Realtors' (NAR) Chief Economist, Lawrence Yun, says:
“Inventory levels are still at historic lows . . . Consequently, multiple offers are returning on a good number of properties."
To sum up
Beat the competition before it hits the market if you're ready to sell right away. If you do, your home ought to stand out and might attract several bids. Let's talk to get you ready for the market.