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Are you considering selling your house? Well, here’s an important piece of information you need to know: the number of homes available for sale right now is at a remarkably low level. This season, there are fewer sellers listing their houses compared to the usual trend.
Looking back at data from every April since 2017, the only year with fewer sellers listing their homes was in April 2020 when the pandemic caused a significant slowdown in the housing market. In more typical years, approximately 500,000 sellers put their homes on the market in April. However, this year, we observed fewer than 400,000 sellers entering the market during that month.
While several factors contribute to this trend, one significant factor keeping inventory low is the phenomenon known as “rate lock.” Some homeowners are hesitant to move when the mortgage rate they have on their current house is lower than what they could get on their next house today.
According to a recent survey by Realtor.com, 56% of people planning to sell within the next 12 months are waiting for rates to come down. While this wait-and-see approach may be suitable for some sellers, it also opens up an opportunity for more proactive sellers to seize the moment and make their move now.
If your current house no longer meets your needs and you’re ready to relocate, don’t miss this chance to stand out in the market. When fewer sellers are putting their homes up for sale, buyers have limited options, giving you an advantage in attracting more attention to your property. By pricing it correctly, you may even receive multiple offers as buyers compete for the scarce supply of homes on the market.
As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), highlights, “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 house now, it’s crucial to beat the competition before they even enter the market. By taking action at this opportune moment, your house is more likely to stand out and generate multiple offers. Let’s connect today to ensure you’re market-ready and make the most of this advantageous seller’s market.
