Now is the Best Time to Sell Your House…Because Others Aren’t

If you’re considering putting your house on the market, it’s important to note that the current number of houses for sale is surprisingly low. This shortage is due to a below-average number of homeowners listing their properties this season.

Examining data from every April since 2017 reveals that the only occasion when there were fewer houses listed for sale was in April 2020, during the onset of the COVID-19 pandemic which brought the housing market to a halt (as illustrated by the red mark in the below graph). Normally, about 500,000 sellers would have listed their homes in April. However, this year, less than 400,000 houses were listed in April (as shown in the following graph).

Several factors are influencing this trend, but one primary reason keeping the inventory low is ‘rate lock.’ This occurs when homeowners hesitate to move because the mortgage rate on their existing property is lower than what they might receive for their next property.

According to a recent Realtor.com survey, 56% of potential sellers planning to list their properties in the upcoming year are holding off, waiting for rates to decrease.

While this cautious strategy may work for some, it presents a unique opportunity for those sellers who are ready to take the plunge now.

If you’re prepared to move and your current home no longer meets your needs, you should seize this opportunity to make your mark. With fewer sellers listing their homes, buyers are presented with limited choices, allowing your property to attract maximum attention. Consequently, your house may receive multiple offers due to the existing scarcity of homes on the market – especially if you price it appropriately.

As stated by Lawrence Yun, Chief Economist at the National Association of Realtors (NAR): “Inventory levels are still at historic lows . . . Consequently, multiple offers are returning on a good number of properties.”

In Conclusion

If you’re ready to sell your property now, outshine the competition before it enters the market. In doing so, your house could stand out and possibly receive multiple offers. Connect with a seasoned real estate expert to list your property in the market.