September 18, 2023
Are More Homes Coming onto the Market? An important factor shaping today’s market is the number of homes for sale. And, if you’re considering whether or not to list your house, that’s one of the biggest advantages you have right now. When housing inventory is this low, your house will stand out, especially if it’s priced correctly.
Yet there are some early signs that more listings are on the horizon. According to the latest data, new listings (homeowners who just put their homes up for sale) are increasing. Here’s a look at why this is important and how that might affect you.
More Homes Are Coming onto the Market than Usual
It’s well known that the busiest time in the housing market each year is the spring buying season. That’s why there’s a predictable increase in the numbers of newly listed homes throughout the first half of the year. Sellers, anticipating this, ramp up for the months when buyers are most active. But, as the school year kicks off and as the holidays approach, the market typically cools — that’s what is expected.
But here is what’s surprising. Based on the latest data from Realtor.com, there’s an increase in the number of sellers listing their houses later this year than usual. A peak this late in the year isn’t typical. You can see both the normal seasonal trend and the unusual August in the graph below:
As Realtor.com explains:
“While inventory continues to be in short supply, August witnessed an unusual uptick in newly listed homes compared to July, hopefully signaling a return in seller activity heading toward the fall season . . .”
While this is only one month of data, it’s unusual enough to note. But it is still too early to say for sure if this trend will continue. It’s definitely something you’ll want to stay ahead of if it continues.
What This Means for You
If you’ve been delaying the sale of your home, now may be the sweet spot to make your move. That’s because, should this trend continue, you’ll have more competition the longer you wait. Don’t postpone your timing until your neighbor puts their house up for sale too. That would cause you to share buyers’ attention with that other homeowner. So, if you sell now, you can potentially beat your neighbors to the punch. The less competition you have as a seller, the better.
Keep in mind that even with more homes coming onto the market, the market is still well below normal supply levels. And, that inventory deficit won’t reverse overnight. The graph below helps put this into perspective, so you can see the opportunity that exists today:
Bottom Line
Although inventory is still low, if you’ve been seriously thinking of selling your home, don’t wait until more competition surfaces in your neighborhood and community. You still have an amazing opportunity if you choose to sell your house today. Let’s connect and explore the benefits of selling now before more homes are actively listed for sale in the market.
Courtesy of: Keeping Current Matters.