Sell your house during low market competition for best results.

It's worth noting that the current number of homes for sale is lower than usual, as fewer sellers are listing their houses for sale this season. This is important information if you're considering selling your house.

Since 2017, the number of sellers listing their homes in April has been consistently around 500,000, with the exception of last year when the pandemic hit and caused a drop in the housing market (as shown in red on the graph below). However, this year the number of sellers listing their homes in April was lower than usual, with less than 400,000 new listings (as seen on the graph below).

Several factors are responsible for this trend, but one significant factor that's keeping the inventory low is the "rate lock" phenomenon. Homeowners with lower mortgage rates on their current houses are hesitant to move to a new house because they would have to secure a new mortgage with a higher rate.

According to a recent survey by Realtor.com, 56% of individuals who plan to sell their houses in the next year are waiting for mortgage rates to decrease before taking action.

Although the cautious attitude of waiting for lower rates is suitable for certain sellers, it also presents an opportunity for more motivated sellers to enter the market promptly.

If your present home no longer meets your requirements and you're prepared to relocate, now is the perfect opportunity to distinguish yourself. With fewer sellers putting their homes on the market, you'll attract more attention from potential buyers, which could result in multiple offers on your property. This is especially true if you price it accurately, and buyers compete for the limited supply of homes available.

According to Lawrence Yun, the Chief Economist at the National Association of Realtors (NAR),

“Inventory levels are still at historic lows . . . Consequently, multiple offers are returning on a good number of properties.”

Bottom Line

To avoid competition from other sellers who might list their properties later, consider putting your house on the market now. This will make your property more visible and increase the chances of receiving multiple offers. Enlisting the services of a real estate professional can help you get your house listed quickly and efficiently.