Low Inventory Means it's a Great Time to Sell

Why Low Inventory Makes It a Good Time to Sell Your House

If you have been considering selling your house, the current market trends make it a great time to put your home on the market. HousingWire reports that the supply of homes for sale is currently low, making it an advantageous time for sellers.

The National Association of Realtors (NAR) confirms that today's housing inventory is low by looking at the months' supply of homes on the market. In a balanced market, a six-month supply is required, but currently, the number is much lower, making it a sellers' market. As of February 2023, total housing inventory registered at 980,000 units, the same as January but up 15.3% from the previous year's 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.

Less Competition from Other Sellers Low inventory means there are fewer homes on the market for sale. As a result, sellers face less competition from other sellers, giving your property more attention from potential buyers. Additionally, since there are significantly more buyers in the market than there are homes for sale, you could receive multiple offers on your house. Multiple offers are on the rise again, and if you get more than one offer, it becomes a bidding war between buyers. That means you have greater leverage to sell on your terms.

Maximizing Bidding War Opportunities If you want to maximize the opportunity for a bidding war to occur, lean on your expert real estate advisor. While we are still in a strong sellers' market, it isn't the frenzy we saw a couple of years ago. Today's buyers are focused on the houses with the greatest appeal. Clare Trapasso, Executive News Editor at Realtor.com, explains:

"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 many parts of the country. So, this spring, it's especially important for sellers to make their homes as attractive as possible to appeal to as many buyers as possible."

Making Your Home Stand Out Making your home stand out among the limited inventory is essential. Here are some tips to make your home more appealing to potential buyers:

• Clean and Declutter: Cleaning and decluttering your home are essential in creating an open and bright space for buyers. This not only makes the space look larger but also allows buyers to visualize their items in the home.

• Repairs and Renovations: Repairs and renovations should be completed before listing your house. Buyers don't want to walk into a home with repairs or renovations that need to be completed.

• Curb Appeal: The outside of your home is the first thing potential buyers see. Curb appeal is essential in making your home stand out. A well-maintained landscape, fresh paint, and clean gutters will make a good first impression.

Reach Out to a Local Real Estate Professional If you've been waiting for the right time to sell your house, low inventory this spring sets you up with a big advantage. Contact a local real estate professional today to ensure your home is ready to sell. They will help you understand the current market trends, help you price your home competitively, and guide you through the home selling process.