Advantages of Selling Your Home in a Low-Inventory Market

Selling your home involves navigating the ever-changing dynamics of the real estate market while considering your personal needs for the next step in your journey. One significant advantage you might have on your side is the current scarcity of available homes for sale. Let's delve into the present inventory situation and understand its implications for you.

A Scarcity of Homes for Sale

When you're selling a property, it's advantageous if your offering is both in demand and limited in supply. This creates a sense of exclusivity and heightens its desirability. In the current housing market, this precise scenario is unfolding. There's a surplus of prospective buyers eager to purchase, but there are not enough homes available for sale to meet this demand.

To underscore the severity of this inventory shortage, let's examine the most recent data on active listings or homes currently on the market. The chart below, utilizing information from Realtor.com, compares the number of active listings in September of this year to what's considered more typical in the market. A glance at the graph reveals that when contrasting the latest figures for this year (indicated by the red bar) with the last few stable market years (represented by the blue bars), it becomes evident that inventory remains considerably below the norm.

Implications for Sellers

In this environment, prospective buyers have fewer choices compared to what they would typically enjoy. This circumstance potentially translates to advantageous opportunities for sellers. Properties priced appropriately continue to sell rapidly, often attracting multiple offers from enthusiastic buyers. According to the latest data from the Confidence Index by the National Association of Realtors (NAR):

• Approximately 69% of homes sold within a month of being listed.
• On average, recently sold homes received 2.6 offers.

An article from Realtor.com elucidates how the limited housing inventory is beneficial for sellers:

"In the past month, homes spent two weeks less on the market than the average September period between 2017 and 2019. This can be attributed to the persistent shortage of homes, which motivates homebuyers to make swift decisions."

The Bottom Line

The shortage of homes available for sale has led to an environment where buyers are keenly seeking more options. Your property could be exactly what they are searching for. By collaborating with a reputable local real estate agent to list your home at an appropriate price for the current market, you could witness a swift sale and potentially receive multiple offers. This unique situation presents an exceptional opportunity for those looking to sell their homes.