Unveiling the Key Advantage of Selling Your Home During Spring
“. . . 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) confirms today’s housing inventory is low by looking at the months’ supply of homes on the market. In a balanced market, about a six-month supply is needed. Anything lower is a sellers’ market. And today, the number is much lower:
“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?
You're correct. When there is less inventory on the market, sellers are likely to face less competition from other sellers. This can result in increased attention from buyers who have limited options available to them. With more buyers than homes for sale, the potential for multiple offers on a property increases. The graph you mentioned further supports this trend, showing a rise in multiple offers. Multiple offers can create a competitive bidding situation, which may drive up the final sale price and potentially lead to a more favorable outcome for the seller.
In a situation where there are multiple offers on a house, sellers have the advantage of greater leverage to negotiate and sell on their preferred terms. However, to maximize the potential for a bidding war, it is important to work closely with an experienced real estate advisor who can guide you through the process. While the current market is favorable for sellers, it's important to note that it may not be as frenzied as it was in previous years. Today's buyers are more discerning and focused on houses that offer the greatest appeal in terms of condition, location, and pricing. Having a knowledgeable real estate advisor by your side can help you navigate the competition and position your home to attract the most favorable offers.
"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’ve been waiting for the right time to sell your house, low inventory this spring sets you up with a big advantage. Let’s connect today to make sure your house is ready to sell.