If you're considering selling your house, now may be the perfect time to make a move. The current housing market is experiencing a shortage of available homes for sale, with fewer sellers listing their properties compared to previous years.
Looking back at the data from every April since 2017, the only year when the number of sellers was lower than now was in April 2020, during the initial impact of the pandemic. In a typical April, around 500,000 homes are added to the market. However, this year saw fewer than 400,000 sellers entering the market in April.
Several factors contribute to this trend, but one significant aspect is the phenomenon known as rate lock. Many homeowners are hesitant to move when the mortgage rate they have on their current house is lower than the prevailing rate for their next house. According to a recent survey by Realtor.com, 56% of people planning to sell in the next 12 months are waiting for rates to decrease.
While this wait-and-see approach may be suitable for some sellers, it creates an opportunity for those who are eager to make a move. If your current home no longer meets your needs and you are ready to sell, now is the time to stand out from the competition. With fewer sellers entering the market, potential buyers will have limited options, increasing the chances of your house attracting significant attention. This favorable situation can lead to multiple offers, particularly if you price your property appropriately.
Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), emphasizes the current state of the market, stating, "Inventory levels are still at historic lows... Consequently, multiple offers are returning on a good number of properties."
If you are prepared to sell now, seize the opportunity before the competition catches up. By listing your house when others aren't, you can position yourself to stand out and potentially receive multiple offers. To navigate the selling process successfully, partner with a trusted real estate professional from EffectiveAgents who can guide you and help you get your house on the market quickly.