Wondering if now is the right time to sell your house? The answer is a resounding "yes." The current real estate market is experiencing an unprecedented shortage of available homes for sale, which presents a lucrative opportunity for sellers like you. In this blog post, we'll delve into the significance of the housing inventory shortage and why it's the perfect time to make a move.
The real estate landscape is witnessing a historic scarcity of homes for sale, and you might be surprised by just how low the inventory levels have dropped. This graph from Calculated Risk illustrates the current state of the housing supply:
While there has been a slight week-over-week increase in housing inventory (shown in the blue bar), the overall supply remains remarkably low (shown in the red bars). Compared to the same week last year, the housing supply has decreased by approximately 10%, and it was already considered low at that time. Taking a further step back, the comparison to 2019, the last normal year in the market, is even more striking - today's inventory is about 50% lower than it was in 2019.
In simple terms, the current housing market is far from what would be considered a balanced state. The demand for homes significantly outpaces the limited supply, creating a unique advantage for sellers. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains the current situation succinctly:
“There are simply not enough homes for sale. The market can easily absorb a doubling of inventory.”
The key takeaway here is that if you choose to list your house now, it will be in high demand due to the scarcity of available homes. You might find yourself with multiple offers and a fast home sale, making it a seller's market.
With the number of homes for sale at roughly half of what would be considered normal, this is a golden opportunity for sellers. The high demand for homes ensures there's significant interest in your property. Don't let this chance pass you by - seize the moment while inventory remains at an all-time low. Let's connect now so that your house can shine above the rest in this competitive market.