The Major Benefit of Selling During the Spring
Are you considering selling your home? If you've been waiting for the ideal time, it could be now, because the supply of homes for sale is so limited. HousingWire shares:
“. . . the big question is whether we are finally starting to see the seasonal spring increase in inventory. The answer is no, because active listings fell to a new low last week for 2023 . . .”
The National Association of Realtors (NAR) confirms today’s housing inventory is low by looking at the months’ supply of homes on the market. In a balanced market, about a six-month supply is needed. Anything lower is a sellers’ market. And today, the number is much lower:
“Total housing inventory registered at the end of February was 980,000 units, identical to January and up 15.3% from one year ago (850,000). Unsold inventory sits at a 2.6-month supply at the current sales pace, down 10.3% from January but up from 1.7 months in February 2022.”
Why Does Low Inventory Make It a Good Time to Sell?
When you sell, the less inventory there is on the market, the less competition you're going to face from other sellers. That means your home will receive extra attention from buyers shopping for a home this spring. And, because there are far more buyers than available properties, you may receive multiple offers on your home. Multiple offers are on the rise again (see graph below):
When you receive multiple offers on your home, it becomes the subject of a bidding war between buyers, giving you more leverage to sell on your terms. However, if you want to increase the possibility of a bidding war, consult with an expert real estate advisor. While we're still in a strong seller's market, it's not the frenzy we experienced a few years ago, and today's purchasers are looking for homes with the most appeal. Clare Trapasso, Executive News Editor at Realtor.com, explains:
"Well-priced, move-in ready homes with curb appeal in desirable areas are still receiving multiple offers and selling for over the asking price in many parts of the country. So, this spring, it's especially important for sellers to make their homes as attractive as possible to appeal to as many buyers as possible.”
If you've been waiting for the proper time to sell your home, this spring's low inventory gives you a significant edge. Let's talk today about getting your home ready to market.
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