Are There More Homes On The Market?
The number of properties for sale is an essential component influencing today's market. And, if you're debating whether to list your home, that's one of the most significant benefits you have right now. When housing availability is this limited, your home will stand out, particularly if it is reasonably priced.
However, there are some early indications that additional listings are on the way. According to the most recent data, new listings (homeowners who have recently listed their home for sale) are on the rise. Here's why this is significant and what it might mean for you.
More Homes Are Coming onto the Market than Usual
The spring buying season is well recognized as the busiest time of year in the housing market. As a result, the number of newly listed residences increases predictably throughout the first half of the year. Sellers are bracing for this and preparing for the months when buyers are most active. However, when the school year begins and the holidays approach, the market cools. It's to be anticipated.
But here’s what’s surprising. Based on the latest data from Realtor.com, there’s an increase in the number of sellers listing their houses later this year than usual. A peak this late in the year isn’t typical. You can see both the normal seasonal trend and the unusual August in the graph below:As Realtor.com explains:
“While inventory continues to be in short supply, August witnessed an unusual uptick in newly listed homes compared to July, hopefully signaling a return in seller activity heading toward the fall season . . .”
While this is only one month of data, it is noteworthy. It's still too early to tell if this trend will continue, but if it does, you'll want to be prepared.
What This Means for You
If you've been putting off selling your home, now could be the time to do it. That's because, if this tendency continues, the longer you wait, the more competition you'll face. If your neighbor also lists their property for sale, you may have to compete for the attention of buyers with that other homeowner. If you sell today, you will be able to outbid your neighbors.
But, even with more homes coming onto the market, the market is still well below normal supply levels. And, that inventory deficit isn’t going to be reversed overnight. The graph below helps put this into context, so you can see the opportunity you still have now:
You don't want to wait for more competition to appear in your community, even if inventory is currently low. If you sell your house now, you will still have a fantastic chance. Let's talk about the advantages of selling now, before more houses hit the market.