If you are contemplating whether it's a good time to put your house on the market, the answer is a resounding yes. This is particularly true when you consider the strikingly limited availability of homes for sale now. You might have heard that housing inventory is at an all-time low, but you might not fully grasp the extent of this scarcity or the advantages it brings when you are looking to sell your property.
As illustrated in the graph, there has been a slight increase in housing inventory on a week-over-week basis (indicated by the blue bar), but the overall supply remains conspicuously inadequate (represented by the red bars). When compared to the same week in the previous year, the supply has diminished by approximately 10%, and this was during a period when it was already considered limited. However, delving further into historical data reveals an even more substantial decline in inventory.
To truly comprehend how far today's inventory is from a typical scenario, let us contrast the current situation with that of 2019 – a year that marked the last period of normalcy in the market. When we compare the corresponding week of this year with that of 2019, the supply has plunged by about 50%. This signifies that the current number of homes available for sale is only half of what would usually be expected.
The underlying message here is that we are still far from achieving a balanced market state. The demand for houses remains robust due to the scarcity of available homes. Lawrence Yun, the Chief Economist at the National Association of Realtors (NAR), clarifies:
"The supply of homes for sale is simply insufficient. The market could effortlessly absorb twice the current inventory."
Hence, if you are considering listing your house, it is essential to understand that there is only about half the inventory that would typically be present in a more standard year. Consequently, if you decide to sell now, your property will stand out under the spotlight, potentially leading to multiple offers and a swift sale.
To Sum Up:
Given that the number of homes available for sale is roughly half of what would be considered typical in a regular year, you can be confident that there is a genuine demand for your house. If you are contemplating selling, it is advisable to connect Scott and the Smolen Team promptly. By doing so, your property can truly shine amidst the limited inventory that characterizes the current market landscape.
