Sell Your Home When Others Aren't Selling
This is an exceptional time—the number of homes for sale is significantly lower than usual. So if you are thinking of selling your home, now is a fantastic opportunity as there are many buyers searching for properties.
This April, we saw a drop in sellers listing houses like never before, with only 400,000 listings per year compared to the typical 500,000 per year. This decrease is largely attributed to the COVID-19 pandemic's impact on the housing market and its subsequent stalling. See the graph below for more information.
Currently, there are a number of reasons contributing to the low inventory of homes for sale. One particular factor that has kept inventories low is homeowners' reluctance to move when their current mortgage rate is lower than what they could get on their next house. This phenomenon is commonly referred to as 'rate lock'.
According to Realtor.com, 56% of people who are waiting to sell their home say that they’re waiting for the rates to come down. While this wait-and-see approach may work for some sellers, it creates an opportunity for more eager sellers to wade into the market now.
If you’re ready to move on from your current home and find something that better meets your needs, this is a great opportunity to make the most of the situation. With fewer sellers listing their homes, buyers are left with fewer options. If you position your house correctly, it could receive higher levels of attention than normal.
As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:
“Inventory levels are still at historic lows . . . Consequently, multiple offers are returning on a good number of properties."
The Bottom Line
Beat the competition by putting your home on the market now. Acting fast will help your house stand out and potentially attract multiple buyers. Now is the time to take advantage of this opportunity, so let's get started making your home market-ready. Contact award winning Premier Sotheby’s Realtor Dianne Anderson today and make your dreams come true.