Are you considering selling your property? The current market conditions make it an opportune time, especially with the low supply of homes for sale. According to HousingWire, active listings have reached a new low for 2023, and the National Association of Realtors (NAR) confirms that the months’ supply of homes on the market is significantly below a balanced market level. In a balanced market, approximately six months of supply is required, whereas anything lower than that indicates a seller’s market. NAR’s data reveals that the total housing inventory at the end of February was 980,000 units, the same as January, and a 15.3% increase from a year ago. However, unsold inventory currently represents a 2.6-month supply at the current sales pace, down 10.3% from January but higher than the 1.7 months recorded in February 2022.
Why Does Low Inventory Make It a Good Time To Sell?
If you sell your property during a period of low inventory, you will likely encounter less competition from other sellers. Consequently, your home will attract more attention from buyers who are searching for a property this spring. As the number of buyers in the market outweighs the supply of homes for sale, you may even receive multiple offers on your property. According to a graph below, multiple offers are once again becoming prevalent.
Receiving multiple offers on your property can lead to a bidding war among buyers, granting you greater leverage to sell your home on your terms. To maximize the opportunity for a bidding war, it’s essential to rely on the expertise of your real estate advisor. Although we’re still in a robust seller’s market, it isn’t as frenzied as it was a couple of years ago. Nowadays, buyers are focused on homes with the most appeal, such as well-priced, move-in ready properties in desirable locations. As per Clare Trapasso, Executive News Editor at Realtor.com,
such homes are still receiving multiple offers and selling for more than the asking price in many parts of the country. Therefore, this spring, it’s crucial for sellers to enhance their property’s attractiveness to appeal to as many buyers as possible.
Bottom Line
Low inventory levels this spring provide a significant advantage if you’ve been waiting for the ideal time to sell your property. Don’t hesitate to reach out today to ensure that your home is prepared for sale.
Find out why Kaya Homes is the leader in Long Island Real Estate and are your go-to realtor in the Lynbrook, Oceanside, Malverne, Hewlett, Valley Stream, East Rockaway, Woodmere, Cedarhurst, Baldwin, North Woodmere, Woodsburgh, Hewlett Neck Hewlett Harbor, Bellmore, Wantagh, Merrick, and Freeport area.www.kayahomesny.com
Thu, 13 Apr 2023 23:01:54 +0000
