A pivotal factor influencing the current real estate landscape revolves around the availability of homes on the market. If you're contemplating whether to put your house up for sale, this presents a significant opportunity. In a market characterized by limited housing inventory, your property can truly shine, particularly when it's appropriately priced.
However, there are promising indicators suggesting that more properties are about to hit the market. Recent data highlights an uptick in new listings, reflecting homeowners who have recently listed their houses for sale. Let's delve into why this development is significant and explore its potential implications for you.
More Homes Are Coming onto the Market than Usual
It's a widely acknowledged fact that the spring buying season is traditionally the most bustling period in the real estate market. During the initial half of the year, there's a predictable surge in the volume of newly listed homes. Sellers are well aware of this trend and gear up for the months when prospective buyers are most active. However, as the school year commences and the holiday season approaches, it's customary for the market to cool down as expected.
Now, here's what's intriguing. According to the latest data from Realtor.com, there has been an unexpected rise in the number of sellers listing their homes later in the year than usual. Such a peak at this point in the year is atypical. You can observe both the customary seasonal pattern and the unusual surge in August in the graph below:
“While inventory continues to be in short supply, August witnessed an unusual uptick in newly listed homes compared to July, hopefully signaling a return in seller activity heading toward the fall season . . .”
Although we're working with just a single month's worth of data, it's distinctive enough to merit attention. It remains uncertain whether this trend will persist, but it's a development worth monitoring closely.
What This Means for You
If you've been delaying the sale of your property, the present moment could be the ideal window of opportunity to take action. The reason being, that if this trend continues, the longer you wait, the more competition you might face. Moreover, if your neighbor decides to list their home for sale as well, it could mean sharing potential buyers' attention. By selling now, you can get ahead of your neighbors in the process.
However, even with a growing number of homes entering the market, it's crucial to acknowledge that the market is still operating with significantly lower supply levels than usual. This inventory shortfall won't be rectified overnight. The graph below offers valuable context, illustrating the current opportunity that persists despite the changing market dynamics:
Bottom Line
Despite the ongoing low inventory, it's advisable not to delay until additional competition emerges in your local area. There's still a fantastic opportunity available if you choose to sell your home at this moment. We recommend getting in touch with a real estate agent to thoroughly examine the advantages of selling promptly, well before additional homes flood the market.
