One thing that may be working in your favor is how few homes there are for sale right now. Here’s what you need to know about the current inventory situation and what it means for you.
When you’re selling something, it helps if what you’re selling is in demand, but is also in low supply. Why? That makes it even more desirable since there’s not enough to go around. That’s exactly what’s happening in the housing market today. There are more buyers looking to buy than there are homes for sale.
To tell the story of just how low inventory is, here’s the latest information on active listings, or homes available for sale. The graph below uses data from Realtor.com to show how many active listings there were in September of this year compared to what’s more typical in the market.
As you can see in the graph, if you look at the last normal years for the market (shown in the blue bars) versus the latest numbers for this year (shown in the red bar), it’s clear inventory is still far lower than the norm.
Buyers have fewer choices now than they did in more typical years. And that’s why you could still see some great perks if you sell today. Because there aren’t enough homes to go around, homes that are priced right are still selling fast and the average seller is getting multiple offers from eager buyers. Based on the latest data from the Confidence Index from the National Association of Realtors (NAR):
An article from Realtor.com also 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 homes for sale is so low, buyers desperately want more options – and your house may be just what they’re looking for. If you work with a trusted local agent to get your house listed at the right price for today’s market. You could still see it sell quickly and potentially get multiple offers.
It’s true that buying a home has become more expensive over the past couple of years.
Listing your home before the new year can offer unique benefits.
Do negative headlines and talk on social media have you feeling worried about the housing market?
When it comes to selling your house, you’re probably trying to juggle the current market conditions and your own needs as you plan your move.
If you're thinking about selling your house and the idea of going it alone has crossed your mind, be sure to think through that decision carefully.
During the fourth quarter of last year, some housing experts projected home prices were going to crash in 2023.
An important factor shaping today’s market is the number of homes for sale.
One important reason is there aren't enough homes for sale. That means there’s an undersupply, not an oversupply like the last time.
Exploring the data and trends powering the Maryland residential real estate market in the 2023 2nd Quarter.
The Snyder | Bradshaw Group is led by two real estate veterans who partnered to create an unmatched real estate experience for their clients. Their extensive real estate knowledge and unique approach have forged an elevated level of customer service that benefits their selling clients and buyers alike.