February 9, 2023
The biggest challenge in the housing market is the low inventory of homes for sale compared to buyer demand. If you're considering selling your house, now is a great time to do so because your house would be welcome in a market that has significantly fewer homes for sale than it did before the pandemic.
While the number of homes available has increased compared to the extreme lows of last year, supply still hasn't caught up to historical norms.
Year-Over-Year Increase: According to the latest Monthly Housing Market Trends Report from realtor.com, there were 65.5% more homes for sale in January compared to the same time in 2022. That means there were 248,000 more homes available to buy.
Long-Term Deficit: Despite this increase, the number of homes for sale is still 43.2% lower than it was during the pre-pandemic years (2017 to 2019). This means that buyers have fewer homes to choose from on a typical day than they did just a few years ago.
Fewer homes for sale means you have fewer choices than you did prior to the pandemic, and this frustration is leading some buyers to give up. However, with mortgage rates sitting lower than they were at the peak last fall, more buyers are willing to come back into the process—they just need homes to buy. The New York Times (NYT) reports:
"Home buyers are edging back into the market after being sidelined last year..."
If you want to take advantage of a sweet spot in the market, this spring could be your shot. The market is recovering, and there is a renewed interest in buying a home for many, but inventory is still very low compared to historical averages. Your house would be highly welcomed by today's buyers who are desperate for more options.
The housing market critically needs more homes for sale to meet the demand of today's buyers. If you’ve thought about selling, now’s the time for us to connect and get ready for you to make a move this spring.
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