With all the talk in the news and online, you may be wondering if it makes sense to sell your home in the current market. If you’re still on the fence, let us help. The short answer is YES! Now is a great time to consider listing your home, especially with the low levels of inventory we are seeing.
Low inventory levels are advantageous for homeowners who are looking to make a move and the graph below highlights why:
For perspective, the graph shows that while housing inventory did grow slightly week-over-week (shown in the blue bar), overall supply is still low (shown in the red bars).
Compared to the same week last year, supply is down roughly 10% – it was already considered low at that time. Looking further back, you’ll see inventory is down even more significantly. When comparing 2019 (the last normal year in the market) to now, you will find that our current supply of listings is about 50% lower. That’s half the number of homes for sale now that there would usually be.
We’re still nowhere near what’s considered a balanced market, which means that there is plenty of buyer demand for your home. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains, “There are simply not enough homes for sale. The market can easily absorb a doubling of inventory.”
With the lack of available homes for sale and strong buyer activity, there is a pent-up demand for your home resulting in the possibility of multiple offers and a quick sale. For a complementary market analysis and to further explore your options, reach out to us! We will partner with you to come up with the best plan for your home and family and help you net the highest possible price in the quickest time possible. Eric and Sharla Stafford, 952.221.7751.