If you are thinking about selling your home, you should know that there are very few homes for sale in our area right now. In fact the only time we have had fewer homes for sale in recent times was in April 202. And that’s when the pandemic hit!
There are numerous reasons for this state of affairs, including the fact that many homeowners with current mortgages have much lower interest rates than what is available today. As a recent survey from Realtor.com explains, 56% of people who are planning to sell in the next 12 months say they’re waiting for rates to come down
But if your current home really doesn’t fit your needs anymore and you want to move, this really is a good chance to stand out. With fewer homes for sale, buyers have fewer options, so you can expect to see a lot of interest if you list your home for sale now. That’s why you could also see multiple offers as buyers compete over the limited supply of homes for sale – especially if you price it right.
As Lawrence Yun, Chief Economist at the National Association of Realtors says: “Inventory levels are still at historic lows . . . Consequently, multiple offers are returning on a good number of properties.”
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