With all the uncertainty and upheaval of the past year, you might be wondering if it still makes sense to sell your house. The answer is a resounding yes, especially considering the current state of the market. Despite the challenges of the pandemic, there are a number of compelling reasons why now could be the ideal time to put your home on the market. In this blog post, we’ll explore some of the key factors that are driving demand for homes and making it such a favorable time to sell.
If you’ve heard that inventory is low right now, you might not fully understand how low it is or why that will be a benefit when you go to sell your home. To help put that into perspective, consider the following graph from Calculated Risk:
The graph demonstrates that although the amount of housing inventory increased slightly week over week (blue bar), the overall supply is still low (red bars). The supply is down about 10% from the same week last year, when it was already regarded as low. But if you go back even further, you’ll see that inventory has decreased even more sharply.
Compare the current inventory to 2019 (the last year the market experienced normalcy) to get a sense of how far off from normal it is. The supply is about 50% lower this year compared to the same week last year when comparing the same weeks. That indicates that there are now half as many homes for sale as there would normally be.
The main lesson is that the market is still far from being balanced. There is a lot of demand for your home because there aren’t enough of them to go around.
According to Lawrence Yun, Chief Economist at the National Association of Realtors (NAR):
“There are simply not enough homes for sale. The market can easily absorb a doubling of inventory.”
As a result, if you want to list your home, be aware that there is only about half as much inventory as there would typically be in a more typical year. In other words, if you sell now, your house will be in the spotlight, and you might get lots of offers and a quick sale.
In conclusion, there are a number of compelling reasons why it makes sense to sell your house right now. From low inventory and high demand to low mortgage rates and shifting buyer preferences, the current market conditions are highly favorable for sellers. If you’re still on the fence about whether to sell your home, now is the time to take advantage of these conditions and get the most out of your sale. With the right preparations and support from a qualified real estate agent, you can navigate the current market and come out on top.
