The decision to sell a house can be the toughest part of the process. Before a homeowner decides to sell, they need to know if 1) there is buyer demand 2) that they will get a fair price for their house, and 3) that the process will move along quickly.
The truth is homeowners and property owners that are thinking about selling their houses right now could not have picked a better time to sell their house.
Let’s take a look at the factors that are creating a prime opportunity for sellers in today’s housing market.
High Buyer Demand
Demand is strong, and buyers are actively searching for homes to purchase. In the Realtors Confidence Index Survey published monthly by the National Association of Realtors (NAR), buyer traffic is considered “very strong” in almost every state.
Homebuyers aren’t just great in number right now – they’re also determined to find their dream home. NAR shows the average home for sale today receives five offers from hopeful buyers. These increasingly frequent bidding wars can drive up the price of your house, which is why high demand from competitive homebuyers is such a win for this summer’s sellers.
Buyers are willing to act fast for the home they need for their changing lifestyles. The median number of days on the market is currently just 17 days. For properties that are move-in ready and have the majority of the features, amenities and style that buyers want, they could be on the market mere hours.
For homes that are in less than pristine condition, you can still take advantage of the market conditions without having to pay for costly repairs or renovations. Contact us today to find out how you could sell your house for cash and close in a matter of days.
Low Inventory of Houses for Sale
Another factor that is creating the “ultimate sellers market” is that purchaser demand is so high, the market is running out of available homes for sale. Danielle Hale, Chief Economist at realtor.com, explains:
“For most sellers listing sooner rather than later could really pay off with less competition from other sellers and potentially a higher sales price… They’ll also avoid some big unknowns lurking later in the year, namely another possible surge in COVID cases, rising interest rates and the potential for more sellers to enter the market.”
NAR also reveals that unsold inventory sits at a 2.4-months’ supply at the current sales pace. This is far lower than the historical norm of a 6.0-months’ supply. Homes are essentially selling as fast as they’re hitting the market. Below is a recent graph of the existing inventory of single-family homes for sale:
At the same time, homebuilders are increasing construction this year, but they can’t keep up with the growing demand. While reporting on the inventory of newly constructed homes, the U.S. Census Bureau notes:
“The seasonally‐adjusted estimate of new houses for sale at the end of April was 316,000. This represents a supply of 4.4 months at the current sales rate.”
What Does This Mean for You?
If you’re thinking of putting your house on the market, don’t wait. A seller will always negotiate the best deal for the house they want when demand is high and supply is low. That’s exactly what’s happening in the real estate market today.
If you have a house, condo, or other property that you’ve been thinking about selling, don’t wait. Now is the optimal time to sell that inherited property, the too-large-home that needs to be downsized, or the rental property that is falling into disrepair.
And if you’d like to get a fair offer on that house, for cash, with no repairs, no contingencies, no inspection, no realtor fees and a closing in as little as a week, contact our team at MarketPro Homebuyers today!