Why It’s Still a Seller’s Market Today

Despite a slowdown in the housing market over the past few years, it is still a favorable market for those who want to sell their homes, as the supply of homes available for sale is quite low. However, what does this exactly imply for you? And why is it an advantageous time to sell your house?

The National Association of Realtors (NAR) has published a report on Existing Home Sales, which highlights a concerning shortage of available housing. They determine housing inventory by considering the number of homes on the market and the months’ supply. This reflects how long it would take to sell all available homes based on current demand. Typically, a balanced market has a six-month supply. However, currently, we have only about three months’ supply of homes at the current sales pace. (see graph below):

As the visual shows, given the current inventory of homes, it’s still a seller’s market.

Today, there is a significant shortage of homes to meet the current buyer demand, with only half of the typical months’ supply available in a balanced market.

As Lawrence Yun, Chief Economist for NAR, says:

“There are simply not enough homes for sale. The market can easily absorb a doubling of inventory.”

How Does Being in a Seller’s Market Benefit You?

As a seller, you have a significant advantage in today’s market. There are many buyers who are eager and capable of purchasing a home, but there’s a limited supply of homes available for sale. Consequently, any homes that do become available are highly sought-after by these buyers.

If you list your house with a local real estate agent in good condition and at the right price, you may receive multiple offers.

Bottom Line

In today’s market, as a seller, you have a significant advantage when selling your house. Due to the low supply of houses available, your property will attract motivated buyers who are seeking more options. I suggest we connect so that you can gain a better understanding of what’s happening in our local area as you prepare to enter the market.