If you’re one of the many homeowners thinking about taking
your house off the market for the holidays, hang on. You definitely don’t want
to miss the great selling opportunity you have right now. Here’s why this month
is the optimal time to make sure your house is available for holiday buyers.
The latest Existing Home Sales Report from The National
Association of Realtors (NAR) shows the inventory of houses for sale has
dropped to an astonishing all-time low. It now sits at a 2.5-month supply at
the current sales pace.
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):
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. This means competition
among purchasers rises and more bidding wars take place, making it essential
for buyers to submit very attractive offers.
As this happens, prices rise and sellers are in the best
position to negotiate deals that meet their ideal terms. So, if your neighbors
decide to remove their listings this season, your house may quickly rise to the
top of a holiday buyer’s wish list if you stay on the market.
Today, there are many buyers who are ready, willing, and
able to purchase. Record-low mortgage rates and a year filled with unique
changes have prompted buyers to think differently about where they live and to
take action. The supply of homes for sale is not keeping up with this high
demand, making now the optimal time to sell your house.
Home prices are appreciating in today’s sellers’ market.
Making your home available over the next few weeks will give you the most
exposure to buyers who will be actively competing against each other to