Are you one of those homeowners who have been holding off on selling your property because you think the housing market is too slow? Well, take heart! You’ll be glad to know that the market is not at a standstill, and we’ve got hard numbers from the National Association of Realtors (NAR) to prove it. While it’s true that the pace of sales may no longer be at a fever pitch, the fact remains that homes continue to sell, and buyers are still active. Hopefully, after reading this blog, you’ll be more confident about selling your home.
According to the National Association of Realtors (NAR), based on the pace of sales right now, just over 4 million homes will sell this year. With some simple math, let’s break down what that really means for you:
- 4.16 million homes divided by 365 days in a year = 11,397 houses sell each day
- 11,397 divided by 24 hours in a day = 475 houses sell per hour
- 475 divided by 60 minutes in an hour = about 8 houses sell each minute
So, on average, about 11,000 homes sell each day in this country.
But what about your specific neighborhood? A real estate expert can give you an idea of how many homes in your area have sold recently. They can also provide valuable insights into what sellers are experiencing in the market right now and what buyers are looking for in your neighborhood. This knowledge can help you customize your marketing efforts and attract the right buyers to your property.
Right now, sellers have some significant advantages in the market, one of which is low inventory. There are fewer homes for sale than usual, which means that buyers have limited choices. Consequently, they must compete for available homes, which often leads to bidding wars and, ultimately, higher prices for sellers. Another advantage for sellers is historically low-interest rates. These attractive rates can encourage buyers to jump off the fence and purchase a home sooner rather than later.
When preparing your home for sale, it’s essential to keep in mind what buyers are looking for. Some of the crucial factors buyers seek include a well-maintained property, adequate space, a desirable location, and a fair price. Putting in a little effort to spruce up your property and price it competitively can go a long way toward generating buyer interest.
If you’re one of those homeowners who have been hesitant to sell their property, it’s time to take action. Despite the slower pace of sales compared to a few years ago, homes are still selling in the current market. In fact, more than 11,000 properties change hands every day in this country. When you team up with a real estate expert, you’ll get valuable insights into how to market your home to attract the right buyers. Remember, current low inventory levels and low-interest rates work in your favor as a seller. By taking a few steps to prepare your property for sale, you’ll be well on your way to finding the right buyers and moving on to your next chapter.