With the holiday season in the rearview mirror, you might be wondering when is the right time to put your house on the market. While spring seems to be the default, by making the jump today, you can position yourself to be ahead of the competition that puts their for sale sign up when the trees start to bud.
Now is a great time to sell your home, and today we’re taking a closer look at the reasons why!
Sellers Are Still Well Positioned In This Market
While it may seem that things aren’t quite as competitive as they were a few months ago, inventory is still far too low for the market to be considered balanced. According to Existing Home Sales Report by the National Association of Realtors (NAR), the inventory of homes for sale in the month of November sat at a 2.1-month supply.
Typically, a 6-month supply of homes for sale is what is needed for a normal, balanced market. This level typically means that there are sufficient homes available on the market to accommodate the number of active buyers. Anything below that indicates that we are in a sellers’ market and that home prices will appreciate due to the lack of supply and increased demand. The graph below from Keeping Current Matters depicts the impact of supply on the housing market.
The Impact of Today’s Market Conditions
So, what does this demand means for you? These conditions are certainly favorable, and while we don’t think they will drastically change in the spring, there are certain benefits to taking advantage of the market now!
- Your home will be the center of attention. This winter, there are still many buyers who are continuing their home search and are eager to find their dream home as soon as possible. While other sellers may be waiting to sell until the spring, putting your home up for sale now will allow your home to get more attention from serious buyers who aren’t wanting to wait versus having your home in the mix with the spring wave.
- Your home is likely to get multiple offers. With demand still being as high as it is, you’re likely to get more than one offer on your home. According to the latest Realtors Confidence Index from the National Association of Realtors (NAR), on average, sellers are getting 3.6 offers on their homes in today’s market.
- Your home is likely to sell fast! According to the same report by NAR, homes are selling, on average, in 18 days.
These conditions also mean that you’ve likely built up a good amount of equity if you’ve owned it over the past year. Corelogic reports that in the third quarter of 2021, the average homeowner gained approximately $56,700 in equity during the past year nationwide. This report also indicates that in NH, that equity was actually about $59k, and in MA, it was about $67k. Now is a great time to cash in on the equity that you’ve built up and put those funds on achieving your dreams, whether that's a new home or opening your own business, the options are endless!
Why Wait? Your Opportunity Is Here Now!
Today's conditions are fantastic if you are looking to sell your home! With the supply of homes for sale as low as they are today, you are positioned to get the most for your home on the terms that you’re most comfortable with.
While these conditions won’t change quickly, anyone looking to sell should jump on the opportunity now before other sellers enter the market. Selling sooner rather than later will give you a let up on the competition, allowing your home to get the most traffic and attention.
While it may be tempting to put off selling until the spring when the weather starts getting warmer and we enter the start of the traditional “peak” real estate market, the current market conditions are extremely favorable for anyone thinking of selling. There are many eager buyers that are looking for a home and don’t want to wait until the spring. Plus, you’ll stand out from the other sellers who will all be putting their homes up for sale at the same time. If you want to take advantage of these phenomenal market conditions as a seller, then there is no time like the present! Connect with your trusted real estate agent to discuss these benefits and to determine how you can best benefit from these current conditions.