If you're contemplating selling your house, the current market conditions are in your favor. How so? We're experiencing a shortage of available homes. This scarcity makes your property more appealing. At the moment, the number of interested buyers exceeds the number of houses available for purchase.
For a clearer understanding, let's examine the data from Realtor.com. A graph comparing previous years to this year shows a drastic difference in the number of homes for sale. The blue bars represent what would be considered a typical year, while the red bar shows the scarcity of listings this year.
This scarcity translates into a competitive advantage for sellers. If your house is priced appropriately, it's likely to sell quickly. Some homes are even receiving multiple offers, a clear indicator of high demand.
According to the National Association of Realtors (NAR):
Additional data from Realtor.com corroborates this trend, indicating that homes are selling two weeks faster this month as compared to the monthly averages from September 2017 to 2019.
With a limited supply of houses on the market, buyers are eager for more options. Your property could very well be the solution they've been searching for. If you list your house at a competitive price, you stand a good chance of selling it quickly and perhaps receiving multiple offers.
Therefore, if you've been pondering the idea of selling your home, now could be an ideal time to make your move.
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