There is one key reason why homeowners are encouraged to list their homes now, and it comes straight from the lips of the NAR’s chief economist Lawrence Yun.
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If you’re debating whether to put your home on the market this year, there’s one big reason you shouldn’t wait: Buyer demand continues to outpace the supply of homes for sale.
The National Association of Realtors’ chief economist Lawrence Yun recently commented on the current lack of inventory, saying that the inventory coming on to the market during this year’s spring buying season was not even close to being enough to satisfy demand. That is why home prices keep outpacing incomes and why listings are going under contract in less than a month, and much faster in other parts of the country.
The latest existing home sales report shows that there’s currently 4.1 months’ supply of homes for sale, which remains lower than the six months’ supply necessary for a balanced market, and 6.1% lower than last year’s inventory level.
The chart shown at 0:53 in the video details the year-over-year inventory shortages experienced over the last 12 months. Anything less than a six-month supply is considered a seller’s market.
Meet with a local real estate professional who can show you the supply conditions in your neighborhood and assist you in gaining access to the buyers who are ready and willing to buy right now.
If you have any questions about this topic or anything else to do with real estate, please reach out to me. I’d be happy to be your real estate resource.