What Growing Housing Supply Means for Current Homeowners
While growing inventory has clear benefits for buyers who are craving more options for their home search, what does that mean for current homeowners like you? It gives you two distinct opportunities in today’s housing market.
According to the latest data from the National Association of Realtors (NAR), the supply of homes for sale has increased consistently this year as homeowners list their homes for sale and the pace of sales is moderating in response to higher mortgage rates (see graph below):
Opportunity #1: Take Advantage of More Options for Your Move Up
If your current house no longer meets your needs or lacks the space and features you want, this gives you even more opportunity to sell and move into the home of your dreams. With more houses on the market, you’ll have more to choose from when you search for your next home.
Partnering with a local real estate professional can help make sure you are up-to-date on the homes available in your area. And when you do find the one, that professional can advise you on how to write a winning offer to seal the deal.
Opportunity #2: Sell While Inventory Is Still Low Overall Despite the growth, inventory is still low compared to historical norms, and that isn’t going to change overnight. For you, that means your house should still be in demand if you price it right and could be exactly what buyers are looking for.
As Mike Simonsen, Founder and CEO of Altos Research, says:
"Supply is at its best in a few years, which is good for buyers, but it’s still going to be relatively tight for quite a while.”
Bottom Line If you’re a homeowner looking to sell, you have a unique opportunity to benefit from the additional homes being listed today and still sell your house while inventory is low overall. Let’s connect to get started so you can have the best of both worlds.