When it comes to selling your house, you’re probably trying to juggle the current market conditions and your own needs as you plan for your move. One thing that may be working in your favor today is how few homes there are for sale right now. Here’s what you need to know about the current inventory situation and what it means for you as you prepare to move into your new home.
The Supply of Homes for Sale Is Far Below the Norm
When you’re selling something, it helps if what you’re selling is in demand, but is also in low supply. That is exactly what’s happening in the housing market today. There are more buyers looking to buy than there are homes for sale.
To tell the story of just how low inventory is, here’s the latest information on active listings, or homes available for sale nationwide. The graph below uses data from Realtor.com to show how many active listings there were in September of this year compared to what’s more typical in the market.
The Supply of Homes for Sale is Still Low
As you can see by the graph, if you look at the last normal years for the market (shown in the light green bars) versus the latest numbers for this year (shown in the dark green bar), it is clear inventory is still far lower than the norm.
What That Means for You
Buyers have fewer choices now than they did in more typical years. And that’s why you could still see some great perks if you sell today. Because there aren’t enough homes to go around, homes that are priced right are still selling fast and the average seller is getting multiple offers from eager buyers. Based on the latest data from the Confidence Index from the National Association of Realtors (NAR):
- 69% of homes sold in less than a month.
- 6 offers: the average number of offers on recently sold homes.
Because the supply of homes for sale is so low, buyers desperately want more options – and your house may be just what they’re looking for. If you work with one of LivNow’s Certified Realtors to get your house listed at the right price for today’s market, you could still see it sell quickly and potentially get multiple offers.
But if I Sell My Home Where Will I Live
Many people selling their homes right now are finding that buyers are being very flexible with closing dates and ‘lease/rent back-agreements’. In order to secure the right home for them, buyers may agree to push out a closing until the seller is ready to move or they may be amenable to a rent-back agreement. A rent-back agreement is a lease agreement where the seller remains in the house after the closing date, paying rent to the buyer. This process usually lasts for a brief period of 1-6 months, allowing sellers to move on their time schedule. Buyers can also benefit from leasing their newly purchased home back to the seller as doing so can alleviate some of the purchase pain while housing prices remain high. Agreeing to rent-back can also give a buyer’s bid an advantage.
Bottom line, you can take advantage of the low inventory and high home values right now even though you won’t be moving into your new home right away. It is important, however, to work with one of LivNow’s Certified Realtors when it comes time to put your home on the market. LivNow’s Certified Realtors are rigorously selected, full-time, high-performing agents who have a deep understanding of the market and are skilled in negotiating flexible closing dates or rent-back agreements in contracts to safeguard your interests as the seller. So, when the time comes to sell your home, you can be confident that not only will you maximize your home’s value, but you will also have strong professional representation. Whether you decide to list your home now or in the spring or summer, ensure you have an exceptional Realtor working on your behalf.
