Why You Shouldn’t Wait to Sell Your House

Many homeowners think selling in the spring when more buyers are in the market is the way to go. In reality, it’s more about the ratio of buyers to sellers that creates opportunities. Selling when the fewest number of homes are available to buy is what puts sellers in the driver’s seat. With today’s high buyer traffic and low inventory, this power combination makes now the optimal time to sell – before your neighbors put their homes on the market in the spring. Here’s how it breaks down.

High Buyer Demand

Buyer demand is strong right now, and not showing any signs of slowing down. ShowingTime, which tracks the average number of buyer showings on residential properties, recently announced that buyer showings are up 64.1% compared to the same time last year. They went on to say:

“All but one of the top 20 markets with the heaviest buyer traffic recorded double-digit showings per listing in September, well above the current U.S. average of six showings per listing.”

Low Inventory of Houses for Sale

Purchaser demand is so high, the market is running out of available homes for sale. Recently, realtor.com reported:

“Nationally, the inventory of homes for sale decreased 38.3% over the past year in October, a slightly slower rate of decline compared to the 39.0% drop in September. This amounted to 506,000 fewer homes for sale compared to October of last year.”

The National Association of Realtors (NAR) also revealed that, while home sales are skyrocketing, the inventory of existing homes for sale is continuing to drop dramatically. Below is a graph of existing inventory for sale (latest numbers available before guide release):

Homebuilders are also increasing construction, but they cannot keep up with the growing demand. The U.S. Census Bureau, reporting on inventory of newly constructed homes, notes:

“The seasonally-adjusted estimate of new houses for sale at the end of October was 278,000. This represents a supply of 3.3 months at the current sales rate.”

What Does This Mean for You?

If you’re thinking of putting your house on the market, don’t wait. A seller will always negotiate the best deal when demand is high, and supply is low. That’s exactly what’s happening in the real estate market today.

As 2021 progresses, and the pandemic is hopefully behind us, there will be many more houses coming to the market. This includes existing homes and newly built homes. Don’t wait for that increase in competition in your neighborhood. Now is the time to sell.

Bottom Line

Let’s connect today to get your house on the market at this optimal time to make a move.