The Perks of Selling Your House When Inventory Is Low
When it comes to selling your home, you're probably juggling the current market conditions as well as your own needs as you plan your move.
The fact that there are so few homes for sale right now may work in your favor. What you need to know about the current inventory situation and what it means for you is outlined below.
The supply of available homes for sale is significantly lower than the norm.
When selling something, it helps if what you're selling is in high demand but in short supply. Why? Because there aren't enough to go around, it's even more desirable. That's exactly what's going on in the housing market right now. There are more buyers looking to buy than available homes.
Here's the most recent data on active listings, or homes for sale, to illustrate how low inventory is. The graph below compares the number of active listings in September of this year to what is more typical in the market using data from Realtor.com.
As shown in the graph, comparing the last normal years for the market (shown in blue bars) to the latest numbers for this year (shown in red bars), it is clear that inventory is still significantly lower than the norm.
What Does This Mean for You?
Buyers now have fewer options than in previous years. As a result, if you sell today, you could still reap some significant benefits. Because there aren't enough homes to go around, homes that are priced correctly continue to sell quickly, and the average seller receives multiple offers from eager buyers. According to the most recent National Association of Realtors (NAR) Confidence Index data:
- Sixty-nine percent of homes sold in less than a month.
- The average number of offers on recently sold homes is 2.6.
A Realtor.com article explains how the limited number of houses for sale benefits you if you're selling:
“. . . homes spent two weeks less on the market this past month than they did in the average September from 2017 to 2019 . . . as still-limited supply spurs homebuyers to act quickly . . .”
Because the supply of available homes for sale is so limited, buyers are desperate for more options - and your home could be exactly what they're looking for. Let's get together to get your home listed at the correct price for today's market. You could still expect it to sell quickly and receive multiple offers.