Capitalize on Spring's Limited Supply: Why Now is the Ideal Time to Sell Your Home
Are you considering selling your home?
Home Selling in 2023
This could be it if you've been waiting for the right moment. HousingWire offers:
“. . . the big question is whether we are finally starting to see the seasonal spring increase in inventory. The answer is no because active listings fell to a new low last week for 2023 . . .”
What is a healthy-balanced Market?
By examining the months' supply of available homes, the National Association of Realtors (NAR) can determine that the housing inventory in the current market is low. Approximately a six-month supply is required in a balanced market. Lower than that, there is a sellers' market. And the figure is significantly lower now.
Why Is Now a Good Time To Sell Due To Low Inventory?
When you sell, there will be less competition from other sellers because there will be less inventory on the market. That implies that this spring's homebuyers will pay your house more attention. You might even get multiple offers on your home because there are many more buyers than properties for sale. Once more, there are various offers.
Clare Trapasso, Executive News Editor at Realtor.com, states:
"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 essential for sellers to make their homes as attractive as possible to appeal to as many buyers as possible.”
In conclusion, the total housing inventory at the end of February remained the same as in January but increased by 15.3% from one year ago. Despite the unsold inventory being at a 2.6-month supply, down 10.3% from January, it is still up from February 2022's 1.7 months. As a result, now is an excellent time to sell your home due to the low inventory. With fewer homes for sale, your property will have less competition, which may lead to multiple offers and potentially selling above the asking price. However, to take full advantage of this market condition, it's crucial to ensure that your home is well-priced, move-in ready, and has curb appeal in desirable areas. Therefore, it's essential to talk to your real estate agent to prepare your home for sale and make the most of the current market situation.