The latest Existing Homes Report from The National Association of Realtors (NAR) shows that the homes for sale inventory have dropped to an astonishing all-time low.
Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market, in which there are enough homes available for active buyers (See graph below), but now it sits at a 2.5 month supply. When the supply of houses for sale is as low as it is today, it’s much harder for buyers to find homes to purchase. Causing increased competition and possible bidding wars, making it essential for these buyers to submit very attractive offers.
This is putting sellers in the best position to negotiate deals that meet their needs and ideal terms. As other sellers in your area remove their listings for the holidays, your house may quickly rise to the top of a holiday buyer’s wish list if you stay on the market.
This year’s changes in working conditions, along with the record low mortgage rates have prompted buyers to think differently about where they live and to take action. The low supply of homes for sales is making now the optimal time to sell your house. Buyers are ready, willing, and able to purchase.
**Information pulled from Keeping Current Matters**