Does the latest news about the housing market have you questioning your plans to sell? If so, perspective is key when selling in today’s market. Here are some of the ways a trusted real estate professional can explain the shift that’s happening today and why it’s still a sellers’ market even during the cool-down.
Fewer Homes for Sale than Pre-Pandemic
While the supply of homes available for sale has increased this year compared to last, we’re still nowhere near what’s considered a balanced market. Let’s put this year’s increased inventory into context.
Supply this year has surpassed 2021 levels by over 30%. But the further back you look, the more you’ll understand the big picture. Compared to 2020, we’re just barely above the level of inventory we saw then. And if you go all the way back to 2019, the last normal year in real estate, we’re roughly 40% below the housing supply we had at that time.
Why does this matter to you?
When inventory is low, there is still demand for your house because there just aren’t enough homes available for sale.
Homes Are Still Selling Faster Than More Normal Years
While homes aren’t selling as quickly as they did a few months ago, the average number of days on the market is still well below pre-pandemic norms – in large part because of low inventory.
The pre-pandemic numbers are higher than the numbers we saw during the pandemic. That’s because the average days on the market started to decrease as homes sold at record pace during the pandemic.
Most recently, due to the cool-down in the housing market, the average days on the market have started to tick back up slightly but are still far below the pre-pandemic norm.
What does this mean? While it may not be as fast as it was a couple of months ago, homes are still selling much faster than they did in more normal, pre-pandemic years. If you price it right, your home could still go under contract quickly.
Buyer Demand Has Moderated and Is Now in Line with More Typical Years.
Buyer demand has softened this year in response to rising mortgage rates. Again, perspective is key. Getting 3-5 offers during the pandemic isn’t the norm.
Prior to the pandemic, it was typical for homes sold to see roughly 2-2.5 offers. As the market heated up during the pandemic, the average number of offers spiked as record-low mortgage rates drove up demand. But most recently, the number of offers on homes sold today has started to return to pre-pandemic levels as the market cools.
What’s the takeaway for you? Buyer demand has moderated from the pandemic peak, but it hasn’t disappeared. Buyers are still out there. If you price your house at current market value, you’ll still be able sell your house today.
Perspective is key when selling in today’s real estate market. If you have questions about selling in today’s housing market, talk to a trusted real estate professional. We can help provide context around what’s happening now, so you’re up to date on what you can expect when you’re ready to move. Contact us today!