The increase in housing supply compared to last year may seem discouraging for sellers at first, but it actually presents two significant opportunities in today's housing market. When we examine the data in relation to previous years, the market has seen a 58% rise in supply compared to 2021. However, if we go back to 2019, the last normal year in real estate, we are still approximately 35% below the housing supply of that time.
Opportunity #1: More Options for Your Move With the growth in inventory, if your current home no longer meets your needs or lacks desired features and space, this presents an ideal opportunity to sell and find the home of your dreams. The increased number of houses on the market means you have more choices when searching for your next home. Working with a local real estate professional can keep you informed about available homes in your area and guide you in crafting a winning offer.
Sell in a Low Inventory Market Despite the inventory growth, the overall supply is still relatively low compared to pre-pandemic years, and this situation won't change overnight. This means that if you price your house appropriately, it is likely to be in demand among potential buyers. As stated in an article from realtor.com, today's homebuyers have more options to consider than those in the previous year, but the market is still below pre-pandemic inventory levels.
In conclusion, if you're a homeowner looking to sell, the current housing market offers you the advantage of a wider selection of homes to choose from while inventory levels remain relatively low. To make the most of this opportunity, it's recommended to consult a local real estate professional who can assist you in navigating the market and achieving the best outcome for your sale.