WE ARE IN A SELLERS MARKET, STILL!!!

The biggest challenge in the housing market right now, yes even over interest rates, is how few homes are for sale versus the number of active buyers in the market.  According to a recent report from Realtor.com: 

“On average, active inventory in June was 50.6% below pre-pandemic 2017–2019 levels.”

What Does This Mean for You? 

If you’re thinking about selling your house, that low inventory is why this is a great time to do so. Buyers have fewer choices now than they did in more normal years, and that’s continuing to impact some key statistics in the housing market. For example, sellers will be happy to see the following data from the latest from the National Association of Realtors (NAR):

• The percent of homes that sold in less than a month ticked up slightly to 74%. 
• The median days on market went down to 18 days, showing homes are still selling fast when priced right. 
• The average number of offers on recently sold homes went up to 3.3 offers.

Bottom Line

When supply is so low, the demand for your home goes up. That’s why sellers are seeing their homes sell a little faster and get more offers right now. If you’ve thought about selling, now is a great time to make a move!