If you’re trying to decide whether or not to sell your home, it’s time to seriously consider taking a step. Fannie mae’s recent Homebuyer Sentiment Index (HPSI) shows that the number of respondents who think that now is a good time to sell is higher than in the last few years (see graph below). Today, the majority of consumers, 75 percent, think now is a good time to sell a home.…
Why has seller sentiment increased compared to last year?
The sentiment that a better time to sell is due to current market conditions, in particular low supply of housing and high demand from buyers. Simply put, we don’t have enough homes for sale to meet customer demand.
According to the latest data National Association of Realtors (NAR), we are still firmly in the seller market because the supply of housing is well below the balanced norm (shown in the graph below).
It is clear that today the balance is tipping in favor of the seller. But while home supply is undeniably low, the right side of the graph shows how the inventory situation is gradually improving each month as more sellers list their homes for sale.
As a seller, this means that buyers can choose from more options each month. More broadly, this means that over time, your home may attract less buyers’ attention. Daniel Hale, Chief Economistrealtor.com, explains it like this:
“More homeowners continue to list homes for sale compared to last year.… Notably, while new listings continue to lag behind the more “normal” pace of 2019, the gap is closing… Although homes continue to sell rapidly due to high demand and limited supply, new listings imperceptibly shift the balance of market conditions in favor of buyers… ”
So what does this mean to you?
If you’ve been waiting for the perfect time to sell, there might not be a better chance than now. Stocks are gradually increasing every month, so selling sooner rather than later will help you unleash the potential of your home to the fullest.
Bottom line If you are planning to sell your home, 2021 is another year for that. The unique combination of low supply and high demand won’t last forever. Let’s connect to discuss what you need to do now to sell your home and take advantage of this seller market.