A key determinant of the current market’s dynamics is the quantity of homes available for purchase. If you’re contemplating whether or not to put your house on the market, this presents a significant advantage. With housing inventory at such a low level, your property will garner attention, especially if it is competitively priced.
However, there are indications that more properties may soon be listed. Recent data reveals an upward trend in new listings, which refers to homeowners who have recently listed their houses for sale. Let’s explore why this development is significant and how it could impact your situation.
More Homes Are Coming onto the Market than Usual
It’s common knowledge that the most bustling period in the housing market occurs during the spring buying season. Consequently, we typically observe a predictable surge in the number of newly listed homes during the first half of the year, as sellers prepare for the months when buyers are most active. However, as the school year commences and the holiday season approaches, the market tends to cool down, which is entirely expected.
However, what’s intriguing is the latest data from Realtor.com, which reveals an unusual increase in the number of sellers listing their homes later in the year than usual.
Realtor.com explains:
“While housing inventory remains limited, there was an unexpected rise in newly listed homes in August compared to July, potentially indicating a resurgence in seller activity leading into the fall season…”
While this data only covers one month, it’s noteworthy due to its unusual nature. It’s still too early to definitively state whether this trend will persist, but it’s certainly something worth monitoring if it continues.
What This Means for You
If you’ve been delaying the sale of your home, this could be an opportune moment to take action. The reason is, if this pattern persists, waiting longer might result in increased competition. If your neighbor also decides to list their home, you might end up vying for the same pool of buyers. By selling now, you can get ahead of your neighbors.
However, despite the influx of more homes onto the market, it’s important to note that the market still falls short of typical supply levels. Restoring a balanced inventory will take time and won’t happen overnight.
Bottom Line
Despite the ongoing low inventory, it’s advisable not to postpone the sale of your home and wait for increased competition in your neighborhood. There’s a fantastic opportunity available if you decide to sell your house today. Reach out to us so we can discuss the advantages of selling now, before more homes enter the market.
