Are you contemplating whether it's the right time to sell your home? In the current real estate climate, the resounding answer is a definite yes – especially when you consider the strikingly limited housing inventory available.
While you may have heard whispers about the scarcity of homes for sale, you might not have grasped the full extent of the situation or the benefits it brings to potential sellers. Allow us to shed light on this matter, backed by insights from a recent Calculated Risk graph:
The graph provides a visual representation of the housing inventory trends, with a modest week-over-week growth in available homes (represented by the blue bar). However, the overall supply remains considerably constrained (indicated by the red bars). When comparing the current week's supply to the same week of the previous year, there's an evident decline of approximately 10% – and it's worth noting that even back then, inventory was considered on the lower side.
But to truly comprehend the extent of the deviation from normalcy in today's inventory, let's journey back to 2019, a benchmark year for a balanced market. A side-by-side analysis of the current week and its counterpart in 2019 reveals a staggering 50% reduction in supply. In essence, there are now only half as many homes available for sale as there typically would be.
The crucial takeaway from this is that the market is still a far cry from equilibrium. The demand for homes continues to outpace supply, and this sentiment is aptly summarized by Lawrence Yun, the Chief Economist at the National Association of Realtors (NAR):
"The current shortage of homes for sale is unmistakable. The market can absorb a significant increase in inventory."
For those considering listing their homes, this translates into a prime opportunity. With only around half the inventory seen in a typical year, your home gains the spotlight in a market where demand is sky-high and supply is limited. This scenario sets the stage for multiple offers and expeditious home sales.
To sum it up, with the number of homes available for sale hovering at approximately half of what would be expected in a more conventional year, there's a reassuringly robust demand for your property. If you're contemplating a sale, now is the ideal moment to connect with us. Your home can truly stand out amidst reduced inventory, capturing the attention it rightfully deserves.
In a market defined by scarcity, your home's potential knows no bounds. Let's take advantage of this opportune time and help your home shine brighter than ever before. Contact us today to explore your options while inventory remains remarkably low.