Understanding the Implications of Additional Listings When Selling Your Home

The quantity of homes available for purchase significantly influences the current housing market landscape. If you're contemplating listing your house, the present scarcity of available properties presents a substantial advantage. This is because your property garners greater attention amidst reduced inventory, particularly when it's priced appropriately.

However, there's an increase in the supply of homes for sale. As per the most recent data from Realtor.com, there's a rising trend in new listings, indicating homeowners who have recently listed their properties for sale (refer to the graph below).

The graph illustrates a greater number of homeowners opting to place "For Sale" signs in their yards compared to the corresponding period last year, as stated by Realtor.com.

". . . sellers showed up in greater numbers this March, with newly listed homes surpassing last year's levels by 15.5%. This marks the fifth consecutive month of escalating listing activity following a 17-month decline streak."

What This Means for You

If you've been delaying selling your house, perhaps it's time to reconsider – before your neighbors beat you to it. While we're not expecting a sudden flood of homes for sale, each property that appears on the market in your vicinity poses the risk of diverting buyer attention away from yours.

For instance, if your neighbor joins in and decides to list their house as well, it implies that you'll have competition right next door. You wouldn't want potential buyers to tour your property only to become enamored with someone else's. You want yours to be the one capturing all the attention.

A skilled agent can facilitate this process. They'll assist you in preparing your house for listing, highlighting all the features that today's buyers desire, and ensuring it's priced appropriately. This ensures that potential buyers are genuinely attracted to your listing and enthusiastic about turning it into their new home.

If you're prepared and capable of selling at this moment, seize the opportunity to enjoy the best of both scenarios. With the increasing supply of homes for sale, you'll have a broader range of options for your own relocation. However, you'll also have the advantage of selling while your house continues to stand out in the market.

Bottom Line

Despite the ongoing low inventory, it's advisable not to wait for additional competition to emerge in your neighborhood. Reach out to a local real estate agent to discuss the benefits of selling before more homes hit the market.