The Perks of Selling Your House When Inventory Is Low
Selling your house is no small feat, and it often involves juggling various factors, including the current market conditions and your personal needs as you plan your move. One significant factor that may work to your advantage is the current state of housing inventory.
The Supply of Homes for Sale Is Far Below the Norm
When you're selling something, it's advantageous if what you're offering is both in demand and in short supply. This combination makes your property even more appealing because there's not enough of it to go around. This is precisely the scenario unfolding in today's housing market. There's a greater number of eager buyers looking for homes than there are homes available for sale.
The graph below utilizes information from Realtor.com to compare the number of active listings in September of this year with what is considered more typical in the market.
As the graph indicates, when you compare the number of active listings in the last few "normal" years for the market (depicted in blue bars) with the current figures for this year (represented by the red bar), it's evident that inventory remains significantly below the norm.
What This Means for You
Due to the scarcity of available homes, buyers currently have fewer choices than they did in more typical years. Because there aren't enough homes to meet the demand, well-priced properties are still selling swiftly, and sellers are often receiving multiple offers from enthusiastic buyers. According to the latest data from the Confidence Index by the National Association of Realtors (NAR):
- 69% of homes sold in less than a month.
- The average number of offers on recently sold homes is 2.6.
An article from Realtor.com further clarifies how the limited housing supply can work in your favor when selling:
". . . homes spent two weeks less on the market this past month than they did in the average September from 2017 to 2019 . . . as still-limited supply spurs homebuyers to act quickly . . ."
Because the supply of homes for sale is so low, buyers desperately want more options – and your house may be just what they’re looking for. Let’s connect to get your house listed at the right price for today’s market. You could still see it sell quickly and potentially get multiple offers.
Call award-winning listing agent, Teresa Ryan, at 630-276-7575, or email [email protected] for a complimentary no-obligation consultation today!
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