Don’t Wait To Sell Your House

Don’t Wait To Sell Your House | MyKCM

We’re in the ultimate sellers’ market right now. If you’re a homeowner thinking about selling, you have a huge advantage in today’s housing market. High buyer demand paired with very few houses for sale makes this the optimal time to sell for those who are ready to do so. Whatever the move you want to make looks like, here’s an overview of what’s creating the prime opportunity to sell this summer.

High Buyer Demand

Demand is strong, and buyers are actively searching for homes to purchase. In the Realtors Confidence Index Survey published monthly by the National Association of Realtors (NAR), buyer traffic is considered “very strong” in almost every state. Homebuyers aren’t just great in number right now – they’re also determined to find their dream home. NAR shows the average home for sale today receives five offers from hopeful buyers. These increasingly frequent bidding wars can drive up the price of your house, which is why high demand from competitive homebuyers is such a win for this summer’s sellers.

Low Inventory of Houses for Sale

Purchaser demand is so high, the market is running out of available homes for sale. Danielle Hale, Chief Economist at realtor.comexplains:

“For most sellers listing sooner rather than later could really pay off with less competition from other sellers and potentially a higher sales price… They’ll also avoid some big unknowns lurking later in the year, namely another possible surge in COVID cases, rising interest rates and the potential for more sellers to enter the market.”

NAR also reveals that unsold inventory sits at a 2.4-months’ supply at the current sales pace. This is far lower than the historical norm of a 6.0-months’ supply. Homes are essentially selling as fast as they’re hitting the market. Below is a graph of the existing inventory of single-family homes for sale:Don’t Wait To Sell Your House | MyKCMAt the same time, homebuilders are increasing construction this year, but they can’t keep up with the growing demand. While reporting on the inventory of newly constructed homes, the U.S. Census Bureau notes:

“The seasonally‐adjusted estimate of new houses for sale at the end of April was 316,000. This represents a supply of 4.4 months at the current sales rate.”

What Does This Mean for You?

If you’re thinking of putting your house on the market, don’t wait. A seller will always negotiate the best deal when demand is high and supply is low. That’s exactly what’s happening in the real estate market today.

Bottom Line

As vaccine rollouts progress and we continue to see the economy recover, more houses will come to the market. Don’t wait for the competition in your neighborhood to increase. If you’re ready to make a move, now is the time to sell. Let’s connect today to get your house listed at this optimal moment in time.

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About The Author
Billy Bassett

Bill is a NYS Licensed Associate Broker with Howard Hanna Real Estate he is a full time agent. In 2019 & 2020 he is 1 of only 5 finalists (out of over 400 agents) for the Utica OD Best of the Best category of Best Real Estate Agent! He is currently the Vice President of the local YPN (Young Professionals Network). Prior to real estate Bill worked as the General Manager of a successful movie theater, where he has built years of experience in customer service, management, finances, and several other skills that are essential in the real estate industry. His main goal is customer satisfaction and is determined to find his buyers their perfect home, and finding the perfect buyers for his home listings. Bill was born and raised right here in the Mohawk Valley. Bill is a member of the local Board of Realtors, where he is on the Strategic Planning Committee. Bill can show, and sell any home in the area regardless of it's listing office. This gives clients the opportunity to solely work with just 1 Realtor, which gives you a personal experience in your quest to find the perfect home. After many successful years at the areas top brokerage, Bill formed FLASH Realty Partners. Later Bill jumped at the opportunity to merge his company with One Realty Partners forming a true power house in the local real estate community & helping to build one of the top brokerages in growth, he decided he has done all he can there & moved to Howard Hanna.

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