Thinking about selling your house? If you’ve been waiting for the right time, it could be now while the supply of homes for sale is so low. 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.”
The less inventory there is on the market when you sell, the less competition you’re likely to face from other sellers. That means your house will get more attention from the buyers looking for a home this spring. And since there are significantly more buyers in the market than there are homes for sale, you could even receive more than one offer on your house. Multiple offers are on the rise again (see graph below):
If you get more than one offer on your house, it creates competitive offers between your buyers – and that means you have greater leverage to sell on your terms. But if you want to maximize your opportunity for multiple offers to spark, be sure to lean on us (Dale & Helen). While we’re still in a strong sellers’ market, it isn’t the frenzy we saw a couple of years ago, and today’s buyers are focused on the houses with great curb appeal. 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 the Santa Clara Valley. This spring, it's especially important for sellers to make their homes as appealing as possible to attract as many buyers as possible.
The market is moving! If you’ve been waiting for the right time to sell your house, low inventory this spring sets you up with a big advantage. We have two homes coming on market soon and one in contract right now that sold in 8 days with multiple offers. Let’s connect and we will give you the tips you need to get your home sold for the highest possible price. Connect here or call us today at 408-647-7211.
Stay up to date on the latest real estate trends.
if you’ve been in your home for more than a few years, you’ve likely built-up substantial equity that can fuel your next move
The current housing shortage has an impact on how you search for a home this spring
You’ve got questions and we can’t wait to answer them.