In today's housing landscape, despite a somewhat slower pace compared to the 'unicorn' years, it remains a seller's market due to the scarcity of available homes. But what does this mean for you, and why is it an ideal time to consider selling your house?
The most recent Existing Home Sales Report from the National Association of Realtors (NAR) underscores the startlingly low housing supply. Housing inventory is typically measured by both the number of homes on the market and the months' supply, indicating how long it would take to sell all available homes based on current demand. In a balanced market, there is typically a six-month supply. At present, we have only about a 3-month supply of homes at the current sales pace (refer to the graph below):
As the graph illustrates, given the current housing inventory, it's undeniably a seller's market.
Today, we are far from what is considered a balanced market. In fact, the current months' supply is half of what's typical in a normal market. This means there's a pronounced shortage of homes available compared to today's robust buyer demand.
As Lawrence Yun, Chief Economist for NAR, emphasizes: "There are simply not enough homes for sale. The market can easily absorb a doubling of inventory."
How Does a Seller's Market Benefit You?
Today's seller's market provides you with a significant advantage when selling your house. The low supply levels position your property in the spotlight for enthusiastic buyers actively seeking more options. If you're considering selling your home, reach out to me, Anthony Spitaleri at Serhant, your trusted real estate professional, for expert guidance in navigating this opportune market. Let's connect so you can gain insights into our local area's real estate dynamics as you prepare to enter the market.
