Today’s housing market is much more saturated than the high level of buyer activity. Lawrence Yun, Chief Economics Officer of the National Association of Realtors ( NAR),:
“There are many potential buyers out there, but the inventory is historically low.”
If the demand for homes exceeds what is available, homeowners should consider selling their homes. If you are ready to move this fall, here are three ways that low inventory can help. Homebuyers are often entering into bidding battles to buy the houses they desire. There are so many buyers on the market, there are not enough homes for sale. The buyer competition pushes up home prices. This can work in your favor as a seller. You may get more for your home when you close the deal.
Greater Return On the investment
As homes become more expensive, so does the value of your home. This leads to an increase in equity. The Homeowner Equity Report has been updated. CoreLogic provides more information: “In 2020’s second quarter, the average homeowner had equity of $9,800.”
You can use the year-over-year increase in equity to save money or put it towards a downpayment on your next house. If you decide to sell your house, it’s possible to be in control of the seller’s market. If it allows them to finally move into their dream house, they will be more inclined to work with you.
Is Low Housing Inventory A Problem?
You should, especially if your goal is to sell your home at the right time. Sellers have tremendous negotiating power in today’s market. It will not last forever. This is due to more sellers returning to the housing market next year. now is the best time to sell your house.
Let’s get in touch today if you are interested in taking advantage of the current seller’s market.
This post was written by Dayana Susterman Dotoli. Dayana is the head real estate agent for the Tiffany House In Ft. Lauderdale Beach. Dayana has assisted over 150 individuals with buying, selling, and leasing at Tiffany House. The Tiffany House Residences is a 12 story tower, offers 129 residences, including 1, 2 and 3-bedroom condominiums and townhomes, with exclusive, resort-style amenities and views of the Intracoastal Waterway and the Atlantic Ocean.