The Significant Benefit of Selling This Spring

Do you intend to sell your home? If you've been waiting for the appropriate time, it could finally be here, with the lack of available housing. HousingWire shares:

“. . . the big question is whether we are finally starting to see the seasonal spring increase in inventory. The answer is no, because active listings fell to a new low last week for 2023 . . .”

By examining the months' supply of available homes, the National Association of Realtors (NAR) is able to determine that the housing inventory in the current market is low. Around a six-month supply is required in a balanced market. Lower than that, there is a sellers' market. And the figure is significantly lower now:

“Total housing inventory registered at the end of February was 980,000 units, identical to January and up 15.3% from one year ago (850,000). Unsold inventory sits at a 2.6-month supply at the current sales pace, down 10.3% from January but up from 1.7 months in February 2022.”

Why Does Low Inventory Make It a Good Time To Sell?

When you sell, there will be less competition from other sellers since there will be less inventory on the market. It implies that this spring's homebuyers will pay your house greater attention. You could even get several offers on your property because there are a lot more buyers than there are properties for sale. Once more, there are more multiple offers.

If you receive many offers on your home, it creates a bidding war amongst buyers, giving you more leverage to sell on your terms. Yet, if you want to increase the likelihood of a bidding battle, consult with your experienced real estate advisor. While we're still in a strong sellers’ market, it's not as intense as it was a few years ago, and today's purchasers are looking for homes with the most appeal. According to Clare Trapasso, Executive News Editor of Realtor.com:

“Well-priced, move-in ready homes with curb appeal in desirable areas are still receiving multiple offers and selling for over the asking price in many parts of the country. So, this spring, it’s especially important for sellers to make their homes as attractive as possible to appeal to as many buyers as possible.”

Bottom Line

If you've been waiting for the proper moment to sell your home, the low inventory this spring will give you a significant edge. Contact a local real estate agent now to ensure that your home is ready to sell.