One crucial factor influencing today's housing market is the availability of homes for sale. If you're contemplating putting your house on the market, you're in a favorable position right now. When housing inventory is scarce, your home can shine, particularly if it's priced competitively.
However, there are encouraging signs that more listings might be on the horizon. Let's delve into why this development is significant and what it could mean for you.
A Surge in New Listings
Traditionally, the spring season is the busiest time in the housing market. This period witnesses a predictable uptick in newly listed homes during the first half of the year as sellers prepare for the peak buying season. As the school year starts and holidays approach, the market tends to cool down, following the expected seasonal trend.
What's noteworthy this year is that there's an unexpected increase in the number of sellers listing their homes later in the year. Typically, a peak in new listings during late summer isn't the norm. The graph below illustrates this unusual August surge compared to the typical seasonal trend:
As noted by Realtor.com:
"While inventory continues to be in short supply, August witnessed an unusual uptick in newly listed homes compared to July, hopefully signaling a return in seller activity heading toward the fall season . . ."
While it's essential to consider this as just a month's worth of data, the trend is intriguing and worth monitoring closely.
What It Means for Chicago Home Sellers
If you've been contemplating selling your Chicago area home, now might be the ideal time to take action. If this trend persists, competition could increase the longer you wait. Suppose your neighbor also decides to list their home. In that case, you may end up competing for the attention of potential buyers. Selling now could give you the upper hand and beat your neighbors to the punch.
However, even with more homes hitting the market, inventory levels remain below normal. The graph below provides context for the current situation:
In conclusion, while inventory is still limited, waiting for more competition in your neighborhood might not be in your best interest. The present moment offers an excellent opportunity to sell your home.
Connect with us to explore the advantages of selling now before more homes flood the market.
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