Are you considering selling your house? It's crucial to understand that the number of homes for sale is currently low, presenting a favorable market condition for sellers. This season, there are fewer sellers listing their houses compared to the usual trend. Analyzing data from April since 2017, April 2020 stood out as the only year with fewer sellers due to the pandemic's impact on the housing market. In typical years, around 500,000 sellers add their homes to the market during April. However, this year witnessed fewer than 400,000 sellers entering the market.
Several factors contribute to this trend, but one significant reason for the low inventory is homeowners' reluctance to move when their current mortgage rate is lower than the prevailing rate for their next house, a phenomenon known as rate lock. A recent survey conducted by Realtor.com revealed that 56% of individuals planning to sell in the next 12 months are waiting for rates to decrease.
While the wait-and-see approach is suitable for some sellers, it opens up opportunities for more motivated sellers to take action. If your current house no longer meets your needs, and you're ready to move, seize this chance to stand out in the market. With fewer sellers listing their homes, buyers will have limited options, increasing the visibility of your house. As a result, you could attract multiple offers as buyers compete for the scarce supply of homes for sale, especially if you price your property appropriately.
According to Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), "Inventory levels are still at historic lows, and consequently, multiple offers are returning on a good number of properties."
In conclusion, with the current low inventory levels and the potential for multiple offers on properties, it is crucial to take proactive measures if you're ready to sell your house. By beating the competition before it enters the market, you can maximize the visibility of your property and increase your chances of attracting multiple offers. To navigate this opportunity effectively, consider enlisting the expertise of Anthony Spitaleri and his team, who can guide you through the process and help you prepare your house to stand out in the limited supply. Connect with Anthony Spitaleri today to ensure you're market-ready and positioned for success in the competitive real estate landscape.
