If you’re trying to decide whether or not to sell your house, this is the time to think seriously about making a move. Fannie Mae’s recent Home Purchase Sentiment Index (HPSI) reveals the number of respondents who say it’s an excellent time to sell, which is higher now than it was over the past few summers (see graph below).
Today, the majority of consumers, 75 percent, say it’s a good time to sell a house.
Why is seller sentiment up year-over-year?
The higher good time to sell sentiment concerns today’s market conditions, specifically low housing supply and high buyer demand. In the simplest terms, we don’t have enough houses available for sale to meet buyer demand.
According to the latest National Association of Realtors (NAR) data, we’re still firmly in a sellers’ market because the housing supply is well below a balanced norm (shown in the graph below).
The scales are tipped in a seller’s favor today. But while the housing supply is undeniably low, the right side of the graph shows how the inventory situation is improving little by little each month as more sellers list their homes for sale.
As a seller, that means each month, buyers have more options to pick from. By extension, your house may get less buyer attention with time. Danielle Hale, Chief Economist for realtor.com, explains it like this:
“More homeowners continue to list homes for sale compared to a year ago… Notably, while new listings continue to lag behind a more ‘normal’ 2019 pace, the gap is shrinking. Even though homes continue to sell quickly thanks to high demand and limited supply, new listings are subtly shifting the balance of market conditions in favor of buyers.”
So, what does that mean for you?
If you’ve been waiting for the perfect time to sell, there may not be a better chance. Inventory gradually increases each month, so selling sooner rather than later will help you maximize your home’s potential.
Bottom Line.
If you plan to sell your house, 2021 is still the year. The unique mix of low supply and high demand won’t last forever. Let’s connect with a realtor in Chicago, Illinois, at KM Realty Group LLC to discuss what you need to do to sell your house and take best prices.
