The current housing market is facing an acute lack of homes for sale compared to the number of people wanting to buy. This makes it a great opportunity for those wishing to sell their house; any property put on the market in this environment would be warmly received by buyers. Furthermore, this situation has been exacerbated since before the onset of the pandemic and shows no signs of abating in coming years.
According to the latest Monthly Housing Market Trends Report from realtor.com:
There were 65.5% more homes for sale in January compared to the same time in 2022. This mens that there were 248,000 more homes availble to buy this past month compared to one year ago. While the number of homes for sale is increasing, it is still 43.2% lower than it was before the pandemic in 2017 to 2019. This means that there are still fewer homes available to buy on a typical day than there were a few years ago.
The graph below shows how today’s inventory of homes for sale compares to recent years:
What Does This Mean for You?
The supply of homes for sale has dwindled, resulting in buyers having fewer choices than pre-pandemic—causing some to abandon their home-buying plans. However, the current favorable mortgage rates are invitation enough to draw more buyers back as they pursue properties of interest. This could be great news for homeowners looking to sell amidst the spring market.
With a renewed interest in buying a home for many, the New York Times (NYT) reports:
Home buyers are edging back into the market after being sidelined last year…
So, if you want to take advantage of a sweet spot in the market, this spring could be your shot.
What We Say…
The housing market is in desperate need of more properties to meet existing demand. If you’ve been considering selling, now is the ideal time to get started. Let us help you prepare your home for sale this spring, and you can take advantage of increasing buyer interest.
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