In today’s housing, it seems harder than ever to find a home to buy. Before the health crisis hit us a year ago, there were already no homes for sale. When many homeowners delayed their plans to sell at the same time as more buyers aimed to take advantage of record-low mortgage rates and buy a home, housing stock fell even more. Experts consider this the biggest challenge facing an otherwise hot market while buyers continue to compete for homes. Like Danielle Hale, Chief Economist at realtor.com, explains:
“With buyers active in the market and participation of sellers late, homes are selling fast and the total number to be sold at any one time continues to decline. In January in total, the number of homes for sale fell below 600,000. ”
Monthly, realtor.com releases a new one data showing the year-over-year change in inventory of existing homes for sale. As you can see in the map below, nationwide, inventory is 42.6% lower than it was currently last year:
Does this mean that houses are not sold on the market?
Not exactly. While there are fewer existing homes listed now, many homes simply sell faster than they are considered to be current inventory. The market is so competitive! It’s like when everyone tried to find toilet paper to buy last spring and flew off the shelves faster than it could be stored in stores. This is what is happening in the housing market: homes are for sale, but not at a rate that can keep up with strong demand from competitive buyers.
In the same realtor.com report, Hale explains:
“The time on the market was 10 days faster than last year meaning buyers still have to quickly decide to succeed. Today’s buyers have many tools to help them do just that, including the ability to be notified as soon as homes fulfilling their search criteria are up and running. By adapting search and notifications to the homes that are solid, buyers can act quickly and compete successfully in this faster housing market. “
The Good News for Homeowners
The health crisis has been a major reason why potential sellers have resisted for so long, but while vaccines are more widely available, homeowners will begin to make their moves. Ali Lupo, Chief Economist at Zonda, confirms:
“Some people will feel comfortable listing their home during the first half of 2021. Others will want to wait until the vaccines are widely distributed.”
With more homeowners getting ready to sell later this year, putting your home on the market sooner rather than later is the best way to make sure your listing shines brighter than the rest.
When you’re ready to sell your house, you probably want it to sell as quickly as possible, for the best price and with little or no hassle. If you are looking for these terms of sale, you will find them in today’s market. When demand is high and inventory is low, vendors has the ability to create optimal conditions and deadlines for the sale, making now an exceptional time to move.
Today’s housing market is a big win for sellers, but these conditions will not last forever. If you can sell your house now, you may not want to wait for your neighbors to do the same. Let’s connect to discuss how to sell your house safe so you can take advantage of today’s high demand and low inventory.
Content previously posted in Keep Current Things