By Ciara Banks
If you're considering selling your house, now might be the perfect time as the current market's low inventory offers a distinct advantage. According to a recent report by HousingWire, there hasn't been a typical seasonal increase in inventory this spring, and active listings have reached a new low in 2023.
Additionally, the National Association of Realtors (NAR) reports that the current housing inventory is significantly low, as the months' supply of homes on the market is far below a balanced market, indicating a favorable condition for sellers.
The low inventory means less competition, giving homeowners an opportunity to receive more attention from potential buyers. In a market where there are more buyers than homes for sale, multiple offers can be expected, leading to a bidding war, which can significantly increase the seller's leverage. However, to maximize the potential of a bidding war, it's crucial to work with a knowledgeable real estate advisor.
While it's still a strong sellers' market, it's not as frenzied as it was a few years ago. Today's buyers are becoming increasingly selective and focusing on properties that stand out from the rest. According to Clare Trapasso, Executive News Editor at Realtor.com, homes with a good price, in move-in-ready condition, with attractive curb appeal in desirable areas, are still receiving multiple offers and selling for over the asking price in many parts of the country.
In conclusion, the current low inventory of homes for sale makes it an excellent time for homeowners to consider selling their properties. It's crucial to contact a local real estate professional to ensure that your home is ready to sell and to make the most of the favorable market conditions.
Add comment
Comments