Spring Selling Season: The Key Advantage of Selling Now!

Are you considering selling your house? Now may be the perfect time, as the supply of homes for sale is currently at a historic low. According to HousingWire, recent data shows that active listings fell to a new low for 2023, indicating a shortage of available homes on the market.

The National Association of Realtors (NAR) uses the months' supply of homes on the market as an indicator of inventory levels. In a balanced market, a six-month supply is typically considered ideal. However, the current supply is much lower than that, creating a sellers' market. As of February, total housing inventory was 980,000 units, the same as January, but up 15.3% from one year ago. Unsold inventory sits at a 2.6-month supply at the current sales pace, down 10.3% from January but up from 1.7 months in February 2022.

So, why does low inventory make it a good time to sell? With fewer homes available, there is less competition among sellers. This means your house is likely to receive more attention from buyers who are actively looking for a home this spring. In fact, it's even possible to receive multiple offers on your house due to the high demand and limited supply. Multiple offers can lead to a bidding war among buyers, giving you greater leverage to sell on your terms.

To maximize the opportunity for a bidding war, it's important to work with an expert real estate advisor who can provide guidance on pricing and marketing strategies. While it's still a strong sellers' market, it may not be as frenzied as it was in previous years. Today's buyers are focused on homes that are well-priced, move-in ready, and have curb appeal in desirable areas. Clare Trapasso, Executive News Editor at Realtor.com, explains that homes with the greatest appeal are still receiving multiple offers and selling for over the asking price in many parts of the country. This makes it crucial for sellers to make their homes as attractive as possible to appeal to as many buyers as possible.

In conclusion, if you've been waiting for the right time to sell your house, the current low inventory in the spring housing market can provide you with a significant advantage. It's recommended to reach out to a local real estate professional today to ensure that your house is ready to sell and to take advantage of the favorable market conditions.