If you're contemplating selling your home, you might wonder if now is the right time. The answer is a definite yes, especially when you consider the significantly reduced number of homes available for sale.
You've likely heard that housing inventory is low, but comprehending just how low and why this benefits you as a seller is essential. The following graph from Calculated Risk offers a clear perspective:
The graph illustrates a slight week-over-week increase in housing inventory (depicted by the blue bar). However, the overall supply remains notably low (depicted by the red bars). Compared to the same week the previous year, supply has dropped by around 10%, even though it was considered low at that time.
To better grasp the deviation from normal, let's compare the current state to 2019, a typical year in the market. By comparing the same week this year to the corresponding week in 2019, the current supply is approximately 50% lower. This means there are only half the number of homes available for sale compared to a typical year.
The crucial takeaway is that the market is far from achieving a balanced state. With the demand for homes far exceeding the available supply, your house is in high demand. Lawrence Yun, the Chief Economist at the National Association of Realtors (NAR), clarifies this point:
"There are simply not enough homes for sale. The market can easily absorb a doubling of inventory."
If you decide to list your house, understand that the current inventory is only about half of what would typically be available in a normal year. As a result, your property will stand out, potentially leading to multiple offers and a swift sale.
In summary, with housing inventory significantly reduced compared to a typical year, there is a strong demand for homes. If you're considering selling, it's advisable to connect with a local real estate agent promptly. Your house can shine in the market while inventory remains limited.
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