
The number of homes for sale remains significantly lower than the high buyer activity in today’s housing market. According to Lawrence Yun, Chief Economist for the National Association of Realtors (NAR for his acronym in English): “There is no shortage of potential buyers, but inventory is historically low.”
When the demand for homes is greater than the homes available for sale, it is a great time for homeowners sell their houses. Here are three ways low inventory can help you win if you’re ready to move this fall.
1. Higher Prices: With so many more buyers on the market than there are homes available for sale, buyers are frequently entering into bidding wars. for the houses they want to buy. This competition drives up home prices. As a seller, this can definitely work in your favor, potentially making you more money for your home when you close the deal.
2. Higher return on your investment: Rising prices mean homes are also gaining value, driving an increase in equity. In the latest ‘Homeowner Equity Insights‘ report, CoreLogic explains: “In the second quarter of 2020, the average homeowner gained approximately $9,800 in equity.” This year-over-year increase in the goodwill gives you the ability to put that money as a down payment on your next home or keep it as additional savings.
3. Better terms: When we are in a seller’s market like we currently are, This is in the driver’s seat if you sell your house. You have the power to sell on your terms, and buyers are more likely to work with you if it means they can finally move into the home of their dreams. So, is low housing inventory important?
Yes, especially if you want to sell your house at the perfect time. The current market gives sellers immense bargaining power. However, will not last forever, especially as more sellers return to the housing market next year. If you are considering selling your home, the best time to do so is now.