If you’ve been thinking of selling, you may wonder when the best time to list your home. It’s simple: when others are not.
Currently, there is very low inventory on the housing market. This means you should seriously consider selling soon. Data shows that there are fewer sellers this season than the historical norm. In every April since 2017, the only year when fewer sellers listed their homes was in 2020. This was right when the pandemic hit and stalled the market. Thus, it’s considered an atypical year for real estate. In more normal years, about 500,000 sellers listed their homes in April. However, in 2023, there were only about 392,000 sellers total who entered the market.
Why the downward trend? First, homeowners are wary of moving because of high mortgage rates. Many rates for existing homeowners’ mortgages are lower than the one they would get on their next purchase. A recent Realtor.com survey shows that 56% of intended sellers plan to wait until rates come down. This approach works for some sellers; for others, it creates an opportunity.
If you’ve been on the fence about selling, now could be the perfect time. Other sellers’ hesitation could be your home’s chance to shine. Buyers have fewer options, so you are more likely to get the price you want. In some cases, you could even end up with multiple offers or buyers in a bidding war over your house.
Lawrence Yun, chief economist at the National Association of REALTORS®, explains,
“Inventory levels are still at historic lows…consequently, multiple offers are returning on a good number of properties.”
It comes down to this: if you’ve been contemplating a move, now is the time. To maximize the dollar amount you can get for your current home, contact your local real estate specialist today at ArthurRue.com.