The Perks of Selling Your House When Inventory Is Low
When it comes to selling your house, you’re probably trying to juggle the current market conditions and your own needs as you plan your move. One thing that may be working in your favor is how few homes there are for sale right now. Here’s what you need to know about the current inventory situation and what it means for you.
The Supply of Homes for Sale Is Far Below the Norm. When you’re selling something, it helps if what you’re selling is in demand, but is also in low supply. Why? That makes it even more desirable since there’s not enough to go around. That’s exactly what’s happening in the housing market today. There are more buyers looking to buy than there are homes for sale.
To tell the story of just how low inventory is, here’s the latest information on active listings, or homes available for sale. The data from Realtor.com shows how many active listings there were in September of this year compared to what’s more typical in the market. Monthly listings in September, 2017 were 1.3 million, same in 2018. In 2019 there were 1.2 million and in September, 2023 there were only 700k
As you can see, if you look at the last normal years for the market versus the latest numbers for this year, it’s clear inventory is still far lower than the norm.
What That Means for You. Buyers have fewer choices now than they did in more typical years. And that’s why you could still see some great perks if you sell today. Because there aren’t enough homes to go around, homes that are priced right are still selling fast and the average seller is getting multiple offers from eager buyers. Based on the latest data from the Confidence Index from the National Association of Realtors (NAR):
69% of homes sold in less than a month.
2.6 offers: the average number of offers on recently sold homes.
An article from Realtor.com also explains how the limited number of houses for sale benefits you if you’re selling: “. . . homes spent two weeks less on the market this past month than they did in the average September from 2017 to 2019 . . . as still-limited supply spurs homebuyers to act quickly . . .”
Bottom line, because the supply of homes for sale is so low, buyers desperately want more options – and your house may be just what they’re looking for. If you work with The Marzeotti Group or a trusted local agent to get your house listed at the right price for today’s market. You could still see it sell quickly and potentially get multiple offers.