There are numerous factors to consider when planning to sell your home. Knowing the dynamics of the real estate market at the moment might help with this. Though it is important to note that the current housing market may not be as frantic as before, it is still thriving. Contrary to popular belief, there are still many active buyers and many homes are currently on the market for sale. So if you are looking for a sign to sell your home, this might be it.
According to general consensus, despite the shifting market dynamics, 2023 might still be a good year to sell. 62% of respondents agree that now is a good time to sell their homes. This is according to Fannie Mae’s most recent Home Purchase Sentiment Index. And based on the current pace of sales, just over 4 million homes will be sold this year, forecasts the National Association of Realtors (NAR). As a result, approximately 11,000 homes sell each day.
And of course, we can still see that low inventory is still a factor. New home inventory is becoming competitive due to the lack of available existing homes. Because of that, new homes are now priced similarly. We can use the recently listed house in Washington as an illustration. It received 25 bids in total, all of which were higher than the $320,000 asking price. The sellers had a contract with a buyer who offered significantly more than the asking price within 48 hours. It is evident that due to shortage of inventory, there is still a frenzy of buyers.
The Bottom Line
If you have been putting off selling because you don’t believe there are any buyers, you know that the market is active right now. When would be the ideal time to sell? The answer is simple: NOW! Therefore, it would be unwise to sit on the sidelines as 11,000 homes are being sold every day. It could be yours one of these days. Consult a local expert, then begin the process of selling your house.
What To Do:
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