Why Right Now May Be the Time to Sell Your House

Dated: January 14 2021

Views: 23

Why Right Now May Be the Time to Sell Your House

Why Right Now May Be the Time to Sell Your House | MyKCM

The housing market made an incredible recovery in 2020 and is now positioned for an even stronger year in 2021. Record-low mortgage interest rates are a driving factor in this continued momentum, with average rates hovering at historic all-time lows.

According to the latest Realtors Confidence Index Survey from the National Association of Realtors (NAR), buyer demand across the country is incredibly strong. That’s not the case, however, on the supply side. Seller traffic is simply not keeping up. Here’s a breakdown by state:Why Right Now May Be the Time to Sell Your House | MyKCMAs the maps show, buyer traffic is high, but seller traffic is low. With so few homes for sale right now, record-low inventory is creating a mismatch between supply and demand.

NAR also just reported that the actual number of homes currently for sale stands at 1.28 million, down 22% from one year ago (1.64 million). Additionally, inventory is at an all-time low with 2.3 months supply available at the current sales pace. In a normal market, that number would be 6.0 months of inventory – significantly higher than it is today.

What does this mean for buyers and sellers?

Buyers need to remain patient in the search process. At the same time, they must be ready to act immediately once they find the right home since bidding wars are more common when so few houses are available for sale.

Sellers may not want to wait until spring to put their houses on the market, though. With such high buyer demand and such a low supply, now is the perfect time to sell a house on optimal terms.

Bottom Line

The real estate market is entering the year like a lion. There’s no indication it will lose that roar, assuming inventory continues to come to market.

Blog author image

Alex Ortiz

I started my real estate journey in 2001 as an assistant and in 2004 earned my Real Estate License. Since then I have gone through my own buying and selling experience, became an entrepreneur in vario....

Latest Blog Posts

Multigenerational Housing Is Gaining Momentum

Multigenerational Housing Is Gaining Momentum Some HighlightsIf your house is feeling a little cramped with the addition of adult children or aging parents, it might be time to consider a move

Read More

VIDEO: Top 4 Reasons to Own a Home

VIDEO: Top 4 Reasons to Own a HomeOwning a home can have an incredible impact on your quality of life. Let's connect if you're ready to make your dream of homeownership a.

Read More

Homeownership Is Full of Financial Benefits

Homeownership Is Full of Financial BenefitsA Fannie Mae survey recently revealed some of the most highly-rated benefits of homeownership, which continue to be key drivers in today

Read More

Latest Jobs Report: What Does It Mean for You & the Housing Market?

Latest Jobs Report: What Does It Mean for You & the Housing Market?Last Friday, the Bureau of Labor Statistics released a very encouraging jobs report. The economy gained 916,000

Read More