Selling your property this spring has a big advantage
Thinking about selling your house? If you’ve been waiting for the right time, it could be now while the supply of homes for sale is so low. HousingWire shares:
“. . . the big question is whether we are finally starting to see the seasonal spring increase in inventory. The answer is no, because active listings fell to a new low last week for 2023 . . .”
The National Association of Realtors (NAR) has noted that the current housing inventory is low by analyzing the months’ supply of homes available for sale on the market. Typically, a six-month supply is required for a balanced market. However, the current number in the market is significantly lower than that, indicating a sellers’ market.
“Total housing inventory registered at the end of February was 980,000 units, identical to January and up 15.3% from one year ago (850,000). Unsold inventory sits at a 2.6-month supply at the current sales pace, down 10.3% from January but up from 1.7 months in February 2022.”
Why Does Low Inventory Make It a Good Time To Sell?
Selling your house with less inventory on the market means you will face less competition from other sellers. This will attract more attention from buyers looking for a home this spring. As there are more buyers than homes for sale, you may even receive more than one offer on your house. The rise in multiple offers can be seen in the graph below.
To increase your leverage in selling your house, aim to receive multiple offers which can lead to a bidding war among buyers. It is advisable to rely on the guidance of an expert real estate advisor to maximize your chances of sparking a bidding war. Although the current market favors sellers, it is not as competitive as it was in the past few years.
Therefore, it is essential to ensure that your house stands out to attract the attention of potential buyers. According to Clare Trapasso, Executive News Editor at Realtor.com, buyers are currently interested in houses that have the most appeal.
“Well-priced, move-in ready homes with curb appeal in desirable areas are still receiving multiple offers and selling for over the asking price in many parts of the country. So, this spring, it’s especially important for sellers to make their homes as attractive as possible to appeal to as many buyers as possible.”
If you want to sell your house, now may be a good time because there is low inventory this spring. Contact me today to ensure your house is prepared for sale, let’s connect today.