If youve given even a casual thought to selling your house in the near future, this is the time to really think seriously about making a move. Heres why this season is the ultimate sellers market and the optimal time to make sure your house is available for buyers who are looking for homes to purchase.
The latestExisting Home Sales ReportfromThe National Association of Realtors(NAR) shows the inventory of houses for sale is still astonishingly low, sitting at just a2-month supplyat the current sales pace.
Historically, a 6-month supply is necessary for a normal or neutral market in which there are enough homes available for active buyers(See graph below):
When the supply of houses for sale is as low as it is right now, its much harder for buyers to find homes to purchase. As a result, competition among purchasers rises and more bidding wars take place, making it essential for buyers to submit very attractiveoffers.
As this happens, home prices rise and sellers are in the best position to negotiate deals that meet theirideal terms. If you put your house on the market while so few homes are available to buy, it will likely get a lot of attention from hopeful buyers.
Today, there are many buyers who are ready, willing, and able to purchase a home. Lowmortgage ratesand a year filled with uniquechangeshave prompted buyers to think differently about where they live and theyre taking action. The supply of homes for sale is not keeping up with this high demand, making now the optimal time to sell your house.
Bottom Line
Home prices areappreciatingin todays sellers market. Making your home available over the coming weeks will give you the most exposure to buyers who will actively compete against each other to purchase it.
