Leveraging Low Inventory: The Advantage of Selling Your Home Now
When it comes to selling your house, you’re likely facing the challenge of navigating the current market conditions while considering your own needs for the move. However, there is a silver lining that may work in your favor – the scarcity of available homes for sale. Here’s what you should know about the current inventory situation and how it can benefit you.
The supply of homes for sale is significantly below the usual levels. When selling something, it’s advantageous if the item is in demand but also in limited supply. This scarcity makes it even more desirable since there aren’t enough options to go around. This is precisely what’s happening in today’s housing market. There are more buyers searching for homes than there are homes available for sale.
So, what does this mean for you as a seller?
Buyers have fewer choices now compared to more typical years. Consequently, if you decide to sell your house today, you may still enjoy some fantastic advantages. Due to the limited supply, well-priced homes are selling quickly, and sellers are receiving multiple offers from eager buyers. According to the latest data from the National Association of Realtors (NAR), 69% of homes sold in less than a month, with an average of 2.6 offers on recently sold homes.
Realtor.com‘s September 2023 report further explains how the limited number of houses for sale benefits sellers like you: “Homes spent two weeks less on the market this past month than they did in the average September from 2017 to 2019, as still-limited supply spurs homebuyers to act quickly.”
The Bottom Line
Because the supply of homes for sale is currently so low, buyers are eagerly seeking more options – and your house may be exactly what they’re looking for. By working with a trusted local agent to list your house at the right price for today’s market, you have a good chance of selling it quickly and potentially receiving multiple offers.
What To Do
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