Don't Wait, Sell Your House Today

Right now, we’re in the midst of the ultimate seller’s market. In today’s housing market, if you’re a homeowner considering selling, you have a significant advantage. For those who are ready to sell, this is the best moment to do so because buyer demand is high and there are few residences for sale. Whatever move you choose to make, here’s a rundown of what’s making this summer a great time to sell.

Strong Buyer Demand

Demand is high, and buyers are actively searching for homes to purchase. In the Realtors Confidence Index Survey released monthly by the National Association of Realtors (NAR), buyer traffic is deemed “very strong” in virtually every state. Homebuyers aren’t just in large numbers right now; they’re also adamant about finding their ideal home.

According to the National Association of Realtors, the average house for sale today receives five offers from eager buyers. These more frequent bidding battles may push up the price of your property, which is why this summer’s sellers are reaping the benefits of high demand from competing purchasers.

Scarcity of Houses for Sale

The market is running out of available properties for sale due to high buyer demand. Realtor.com’s Chief Economist, Danielle Hale, explains:

“For most sellers listing sooner rather than later could really pay off with less competition from other sellers and potentially a higher sales price… They’ll also avoid some big unknowns lurking later in the year, namely another possible surge in COVID cases, rising interest rates and the potential for more sellers to enter the market.”

According to the National Association of Realtors, unsold inventory now has a 2.4-month supply at the current sales pace. This is much less than the historical average of 6.0 months’ supply. Homes are selling almost as quickly as they are coming on the market. The graph below shows the current inventory of single-family houses for sale:

Simultaneously, homebuilders are ramping up building this year, but they won’t be able to keep up with demand. The US Census Bureau highlights in its report on the inventory of newly built homes:

“The seasonally‐adjusted estimate of new houses for sale at the end of April was 316,000. This represents a supply of 4.4 months at the current sales rate.”

How Does This Affect You?

If you’re considering of selling your home, don’t put it off any longer. When demand is strong and supply is low, a seller will always negotiate the best offer. That’s precisely what’s going on in the real estate market right now.

Bottom Line

More residences will come on the market as vaccination rollouts advance and the economy continues to improve. Don’t wait for your neighborhood’s competitiveness to pick up. Now is the moment to sell if you’re ready to make a change. To get your property listed at this ideal time, contact us to start your home selling journey today!