The decision to sell your home is significantly influenced by current housing inventory levels. Presently, the number of homes for sale is low, with approximately a 2.3 months supply of inventory. In a balanced market, this figure typically hovers around 6 months. Your property not only stands out more in a low inventory market, but also faces less competition, making it an opportune time to consider listing your home.
Despite the low inventory, recent data from the Greater Capital Region MLS reveals a shifting tide.
We are in our fourth consecutive month of rising inventory. April alone witnessed a 38% surge in new listings compared to January 2024. This upswing signifies a departure from the trend of declining listings observed over the last five months of 2023, revealing a renewed interest among homeowners to enter the market.
So, what implications does this hold for prospective sellers? The uptick in new listings should serve as a prompt for those who have been apprehensive about selling. Delaying your decision could mean entering a market saturated with options for buyers, potentially diminishing the visibility and impact of your listing. It’s worth noting that the late spring to early summer period is traditionally regarded as the optimal time to sell. Increased buyer activity during this period often translates to quicker sales and potentially higher prices, fueled by the favorable conditions of low inventory and heightened demand. In fact, the current average sales price in our region stands at $372,589, reflecting an 11% increase from last year.
As inventory remains low, the question remains: where will you go?
Crafting a compelling offer is essential, and the equity accumulated in your current home can significantly influence your next move. With the average homeowner having $298,000 in equity, leveraging this asset can enable you to make a larger down payment on your next property, thereby reducing future mortgage obligations or even facilitating an all-cash purchase—which is particularly enticing in competitive markets.
In essence, if you’re contemplating selling your home, the current market conditions offer a promising backdrop. While low inventory levels provide an advantage in terms of visibility and reduced competition, it’s imperative to act decisively to capitalize on these opportunities.
Partnering with a seasoned real estate agent is crucial.
Their expertise can help highlight the unique selling points of your home, advise on competitive pricing, and strategize on marketing to attract maximum buyer interest. With the market evolving, now might just be the perfect moment to make that move! Contact an experienced agent near you today.
Market updates. Source: Global MLS 5.02.2024
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