Selling Your House: What to Know About the Market
When you want to sell your house, it’s like trying to balance what’s happening in the market with what you need for your move.
Here’s some good news that not many houses are up for sale at the moment. Let’s understand what this means for you.
The Supply of Homes for Sale Is Far Below the Norm
When you want to sell something, it’s great if people really want it, and there isn’t much of it available. Why is that good? Because it makes it even more attractive when there’s not enough to go around. This is exactly what’s happening in today’s housing market. There are many more people who want to buy homes than there are homes for sale.
Let’s look at the numbers to see how low the supply of homes for sale really is. The graph below, which uses data from Realtor.com, shows the number of homes available for sale in September this year compared to what’s more usual in the market.
Looking at the graph, you’ll notice that when we compare the most recent data for this year (shown in the red bar) to the last typical years in the market (displayed in the blue bars), it’s evident that there are still significantly fewer homes available than what’s considered normal.
What That Means for You
Now, buyers have fewer options compared to what they used to have in regular years. This situation can work to your advantage if you’re thinking about selling your home today. Because there aren’t enough homes available, well-priced homes are still getting sold quickly, and sellers are often receiving multiple offers from eager buyers. Here’s what the latest data from the Confidence Index by the National Association of Realtors (NAR) tells us:
- 69% of homes sold in less than a month.
- On average, recently sold homes received 2.6 offers.
An article on Realtor.com also explains how this limited supply of homes benefits you if you’re a seller:
“Homes spent two weeks less on the market this past month compared to the average September from 2017 to 2019, as the limited supply encourages homebuyers to act swiftly.”
Bottom Line
In summary, with the limited supply of homes for sale, buyers are actively seeking more options, and your house could be the ideal fit for them. Let’s connect to list your house at the appropriate price for the current market. There’s a good chance it could sell swiftly and even attract multiple offers.
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.
Thu, 02 Nov 2023 00:20:17 +0000
by Mottek Group