Selling Your Home This Spring? Here's What You Need To Know
With inventory levels of homes for sale at 2023 low, this could be the optimal time to consider selling your house. HousingWire recently reported that active listings have decreased, leading to speculation as to whether we will start seeing seasonal spring increases in inventory shortly. The market is constantly changing, so now may very well be the right time to list your property.
Today, the National Association of Realtors (NAR) has provided a statement on the current housing inventory. According to the data, unsold inventory is at a 2.6-month supply at the current sales pace, which is an indication of a sellers' market. This number is lower than January's figure and marks an increase from 1.7 months in February 2022. The total housing inventory registered stands at 980,000 units, unchanged compared to January figures and up 15.3% year-over-year (850,000). A balanced market usually requires about a six-month supply of homes on the market.
Why Does Low Inventory Make It a Good Time To Sell?
Since there's currently less inventory on the market, your home is more likely to stand out from other listings when you go to sell it. Plus, with the current abundance of buyers and lack of supply, you may even receive more than one offer—now that's something worth considering!
Taking advantage of high buyer demand can offer sellers significant leverage in the home-selling process. But to maximize the opportunity for a bidding war, enlisting an experienced real estate agent is essential; their expertise and market savvy can help get your house noticed by the right buyers at the right price. With that said, conditions are different from those seen two years ago when the seller’s market was particularly heated — today buyers are more selective and favor certain houses over others. As Clare Trapasso, Executive News Editor at Realtor.com observed..
“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 especially important for sellers to make their homes as attractive as possible to appeal to as many buyers as possible.”