If you’re thinking of selling your home this year, it may be because you’ve heard prices are up, listings are going fast, and sellers are getting multiple offers on their homes. You may be wondering, why are conditions so good for sellers today? And what can you expect when moving? To help answer both of those questions, we can look at some data.
Today, there are more buyers looking for homes than there are sellers listing their houses. Below are maps of the latest buyer and seller traffic from the National Association of Realtors (NAR):
The much darker map on the left shows that buyer traffic today is strong. In contrast, the much lighter map on the right indicates weak or very weak seller traffic. Altogether, the maps show that the demand for homes is significantly greater than what’s available to purchase.
What That Means for You:
You have an incredible advantage when you sell your house under these conditions. Since buyer demand is so high at a time when seller traffic is so low, there’s a good chance buyers will be competing for your house.
According to NAR, in February, the average home sold got 4.8 offers. When buyers have to compete with one another like this, they’ll do everything in their power to make their offer stand out. This could play to your favor and means you might see things like offers over asking price, earnest money deposits, and more. Selling when demand is high and supply is low sets you up for a big win.
If you’re also looking to buy a house, you may wonder if this data means you’ll have trouble finding your next home. But remember this: perspective is key. As Danielle Hale, Chief Economist at realtor.com, says:
“The limited number of homes for sale is a lesson in perspective. This same stat that frustrates would-be homebuyers also means that today’s home sellers enjoy more limited competition than last year’s home sellers.”
If you look at the big picture, the opportunity you have as a seller today is unprecedented. Last year was a hot sellers’ market. This year, inventory is even lower, and that means an even bigger opportunity for you. Even though finding your next home in a market with low inventory can be challenging, these are some of the best conditions to list your home in.
As added peace of mind, our team at Corken + Company has been helping buyers and sellers navigate this imbalance of supply and demand for nearly two years. We are here to help both buyers and sellers find success when moving. A skilled agent can help you capitalize on the great opportunity you have as a seller today and guide you through the buying process until you find the perfect place to call your next home.
Learn more about moving this spring at: keepingcurrentmatters.com
