If you’re trying to decide whether or not to sell your house and make a move, you may be inclined to because you’ve heard prices are increasing, listings are going quickly, and sellers are getting multiple offers on their properties. But it brings up the question, why are conditions so great for sellers today? And most importantly, what can you expect if you decide to make a move? To help answer both of those questions, let’s turn to the facts and data.
Today, there are far more buyers looking for homes than sellers listing their houses. Here are the maps of the latest buyer and seller traffic from the National Association of Realtors (NAR) to help understand what this looks like:
Notice how much darker the blues are on the left. This shows buyer traffic is very strong today. In contrast, the much lighter blues on the right indicate weak or very weak seller traffic. To sum it up, the demand for homes is significantly greater than what’s available to purchase.
What That Means for You
You have a favorable advantage when you sell your house under these conditions. Since buyer demand is so high at a time when seller traffic is so low, there’s a good chance buyers will be competing for your house.
According to NAR, in February, the average home sold got 4.8 offers. When buyers have to compete with one another like this, they’ll do anything and everything they can to make their offer stand out to sellers. This could play to your favor and mean you’ll see things like waived contingencies, offers over the asking price, earnest money deposits, and more. Selling when demand is high and supply is low sets you up for a big win.
If you’re also looking to purchase a house, you may be tempted to focus more on just the seller traffic map and wonder if it means you’ll have trouble finding your next home. This is an expected concern. But remember this: perspective is key. As Danielle Hale, Chief Economist at realtor.com, says:
“The limited number of homes for sale is a lesson in perspective. This same stat that frustrates would-be homebuyers also means that today’s home sellers enjoy more limited competition than last year’s home sellers.”
If you look at the big picture, the opportunity you have as a seller today is unprecedented. Last year was a hot sellers’ market. This year, inventory is even lower, and that means an even bigger chance for you. Even though finding your next home in a market with low inventory can be difficult, is that concern worth passing on some of the best conditions sellers have ever seen? We will have to leave that choice up to you.
As added peace of mind, remember real estate professionals have been dealing with this imbalance of supply and demand for nearly two years, and they know how to help both buyers and sellers find success when they move. A knowledgeable agent can help you capitalize on the great opportunity you have as a seller today and guide you through the buying process until you find the perfect place to call your next home.
If you’re ready to move, you have a fantastic opportunity in front of you today. Trust the experts. Let’s connect so you have expertise on your side that can help you win when you sell and when you buy.