Wondering if it still makes sense to sell your house right now? The short answer is yes, especially considering how few homes are for sale today.
You may have heard inventory is low right now, but you may not fully realize how low or why that’s a perk when you sell your house. This graph from Calculated Risk can help put that into perspective:
As the graph shows, while housing inventory did grow slightly week-over-week (shown in the blue bar), overall supply is still low (shown in the red bars). Compared to the same week last year, supply is down roughly 10%, which was already considered low then. But, if you look further back, you’ll see inventory is down even more significantly.
To gauge just how far off from normal today’s housing inventory is, let’s compare right now to 2019 (the last normal year in the market). When you compare the same week this year with the matching week in 2019, supply is about 50% lower. That means there are half the homes for sale now than there’d usually be.
The key takeaway? We’re still nowhere near what’s considered a balanced market. There’s plenty of demand for your house because there aren’t enough homes. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:
“There are simply not enough homes for sale. The market can easily absorb a doubling of inventory.”
So, if you want to list your house, know that there’s only about half the inventory there’d usually be in a more normal year. That means your house will be in the spotlight if you sell now, and you may see multiple offers and a fast home sale.
Bottom Line.
With the number of homes for sale roughly half of what there’d usually be in a more normal year, you can rest assured there’s demand for your house. If you want to sell, let’s connect with real estate brokers near you in Chicago, Illinois, at KM Realty Group LLC so your house can shine above the rest while inventory is so low.
