The number of houses for sale today is significantly lower than the high buying performance in the present dwelling. According to Lawrence Yun, Chief Economist for the National Association of Real Estate Agents (POMEGRANATE):
“There’s no shortage of hopeful, potential buyers, but inventory is historically low.”
When the demand for homes is higher than for sale, it is a great time for homeowners to sell their home. Here are three ways low inventory can help you win if you’re ready to make a move this fall.
1. Higher Prices
With so many more buyers in the market than homes for sale, homebuyers often come in supply wars for the houses they want to buy. This buying competition raises home prices. As a seller, this can certainly work to your advantage, perhaps further networking you for your home when you close the deal.
2. Greater Return On Your Investment
Rising prices mean that homes are also gaining value, which causes an increase in the equity you have in your home. At the latest Equity Insights Report on Manager, CoreLogic explains:
“In the second quarter of 2020, the average homeowner earned about $ 9,800 in equity.”
This year is growing in equality gives you the option to put that money upfront in your next home or keep it as extra savings.
3. Better Conditions
When we are in vendor market as we are today, you are on the helm if you sell your house. You have the power to sell according to your terms, and buyers are more likely to cooperate with you if it means they can finally relocate to their dream home.
So, is low housing inventory a big deal?
Yes, especially if you want to sell your house at the perfect time. Today’s market gives sellers tremendous bargaining power. However it will not last forever, especially when more sellers return to the housing market next year. If you are considering selling your house, the best time to do so is now.
If you are interested in taking advantage of the current market of vendors, let’s connect today to determine your best move in our local market.
Content previously posted in Keep Current Things