Why you should sell your home today

Many businesses around the world are struggling with supply chain issues. It is difficult to find workers and several products due to the global pandemic. This also affects the U.S. Housing Market. Currently, the buyer demand is significantly exceeding the supply of housing.

The latest Existing Home Sales Report released from the National Association of Realtors reveals that “January sales had a significant surge and already existing home sales rose to a seasonally adjusted annual rate of 6.5 million – an increase of 6.7% from the prior month, with sales up in all regions.” We are still facing a very big challenge. 

Inventory is at an All-Time Low

Since buyer demand is so high, there are a small number of homes for sale in the market. The above-mentioned report says, “the current months’ supply of inventory of homes for sale has fallen to 1.6 months.” This has caused Lawrence Yun, Chief Economists at NAR to say, “The inventory of homes on the market remains woefully depleted, and in fact is currently at an all-time low.”

Realtor.com released the inventory data from the month of January which also helps further Yun’s point. The graph comparing inventory in January for the last six years is as follows: 

According to the graph, there has been a significant decrease over the last four years in new listings. There has also been a decrease in carry-over from the previous month. The reasoning is because listings are now sold so fast, they are not on the market long enough to be carried over to the next month. Before the pandemic, homes would be on the market for months. Since the pandemic, homes are not lasting very long on the market, or they are being sold before they are even listed. NAR also revealed that “seventy-nine percent of homes sold in January 2022 were on the market for less than a month.”

It can also be explained by Odeta Kushi, Deputy Chief Economist at First American, that “a higher velocity of sales helps to explain a housing market characterized by both higher sales & lower inventory. Many resale transactions are happening so quickly that they ‘flow’ in & then out of the ‘stock’ between the fixed monthly measurement of inventory”.

What could this mean for those who want to sell a house?

If you are thinking of putting your home on the market, you should not wait. When demand is high and there is a limited supply, the seller will negotiate with the best offer. As the year goes on, inventory will increase as homeowners that are waiting to put their homes on the market finally make their move. But you may be thinking, where am I going to move once I sell my home? Build with Faber Builders, Inc. today! Building a new home will give you everything you want in a dream home from start to finish. It can also provide a sense of relief building a new home that you know will have no issues for many years to come. Keeping our customers safe and comfortable in a new home is one of our top priorities.

Bottom Line

If you are looking to sell your home, contact us today to get started on building your dream home. The sooner you get your old house on the market, the closer you are to living out your dreams.

The article "The #1 Reason To Sell Your House Today" was originally posted on the Keeping Current Matters website.