Your House Could Be the Oasis in an Inventory Desert
Right now, homebuyers are flooding the market to take advantage of historically low mortgage rates. Many people feel compelled to find a home as soon as possible, as experts predict a steady rise in both interest rates and home prices this year and next. As a result, buyer demand outnumbers current housing supply by a large margin. Here's how the scarcity of houses for sale makes yours the oasis in a desert of inventory.
Housing inventory is at an all-time low of 2.1 months, far below the 6-month mark for a balanced market. Single-family home inventory was already low a year ago, and as you can see in the graph below, it's even lower this year:
Due to the current market conditions, buyers are frequently involved in heated bidding wars when attempting to purchase a home. This, in turn, raises home prices and gives sellers tremendous bargaining power, two major advantages if you plan to sell your home this year.
It can feel as if the supply of homes has virtually dried up in such a hot market, leaving buyers wandering in an inventory desert. As a result, there's never been a better time to sell than now. Your home could be a true oasis to a thirsty buyer looking for a home as soon as possible.