Although the slight increase in the housing supply -compared to the previous year- may not initially seem like good news for prospective sellers, it actually provides two great opportunities in the current housing market.
By analyzing and contrasting the current house inventory to previous years, we are attempting to put the increases in the housing inventory into context. Comparing and contrasting the supply fluctuations, we note that supply is now 58% higher than it was in 2021. But for an even broader picture, we need to look further back. And if you go all the way back to 2019, the last year in which real estate conditions were 'normal,' we are currently about 35% behind the housing supply we had in that year.
Opportunity #1: More Moving Options
An increase in inventory gives you more opportunities to sell your present home and move into the home of your dreams if it no longer fulfills your needs or lacks the space and amenities you need. You'll have more options while looking for your future home because there are more homes on the market.
Opportunity #2: Sell When the Inventory is Still Low
Take advantage of the situation, house inventories are still low compared to years with a more typical economy. Moreover, the lack of available housing won't change overnight despite the observable rise of homes in the market. If you price your home correctly, it should still be in demand among potential buyers. We are able to observe that homebuyers have more homes to consider than they did last year, however, the market is still not back to pre-pandemic inventory levels.
If you’re a homeowner looking to sell, you have more homes to choose from and can still sell your house while inventory is low overall. If you’re ready to get started, reach out to Laura Larson now who can help you get the best of both worlds.