The Perks of Selling Your House When Inventory Is Low

Selling your house in today's real estate market can be a daunting task, with numerous factors to consider. However, there's one factor that might work strongly in your favor: the current state of housing inventory. This blog explores the benefits of selling your home when housing inventory is low and what this means for sellers in the current market.

The Supply of Homes for Sale Is Far Below the Norm

In the world of real estate, supply and demand are key drivers of market dynamics. When supply is limited, and demand is high, sellers tend to have the upper hand. This is precisely the situation in today's housing market, where the number of homes available for sale is significantly lower than usual.

To illustrate just how low the inventory is, consider the latest data on active listings, which are homes currently available for sale. The following graph, based on Realtor.com data, shows the number of active listings in September of this year compared to what is typically seen in the market.

As you can observe, the graph clearly demonstrates that inventory remains well below the market's historical average, represented by the blue bars. The current numbers, depicted by the red bar, continue to lag significantly behind.

What That Means for You

As a seller, this scarcity of available homes can work to your advantage. When there are more buyers in the market than there are homes for sale, your property becomes even more desirable. This high demand can translate into several perks for you as a seller:

1. Quick Sales: Homes that are priced appropriately are selling rapidly. In fact, 69% of homes sold in less than a month, according to the latest data from the Confidence Index by the National Association of Realtors (NAR).

2. Multiple Offers: Sellers are receiving an average of 2.6 offers on their properties. This competitive environment can lead to better offers and terms for you as a seller.

3. Reduced Time on Market: Homes are spending significantly less time on the market compared to previous years. In the past month, homes spent two weeks less on the market compared to the average September from 2017 to 2019. This is due to the limited supply, which motivates buyers to act swiftly.

An article from Realtor.com further emphasizes how the scarcity of homes benefits sellers:

"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."

In conclusion, the current state of housing inventory presents a unique opportunity for sellers. With a limited supply of homes for sale, eager buyers are looking for more options, and your property could be exactly what they need. By working with the right real estate professional and pricing your home appropriately, you can take advantage of the strong seller's market, potentially selling your property quickly and even receiving multiple offers.

If you're considering selling your home, now might be an excellent time to explore your options. Connect with a real estate expert to ensure your house is listed at the right price for today's market conditions. Don't miss out on the potential benefits that a low-inventory market can offer to sellers.