If you’re thinking about selling your house, you should know the number of homes for sale right now is low. That’s because, this season, there are fewer sellers listing their houses for sale than the norm.
In an average year, roughly 500,000 sellers nationwide add their homes to the market in April. This year, we saw fewer than 400,000 sellers entering the market in April. Locally, we saw 1,821 new listings, compared to the 2,291 we saw at the same time last year.
While there are a number of factors contributing to this trend, one thing keeping inventory low right now is that some homeowners are reluctant to move when the mortgage rate they have on their current house is lower than the one they could get today on their next house. As a recent survey from Realtor.com explains, 56% of people who are planning to sell in the next 12 months say they’re waiting for rates to come down.
While this wait-and-see approach is right for some sellers, it also creates an opening for more eager sellers to jump in now.
If your current house truly doesn’t fit your needs anymore and you’re ready to move, don’t miss this chance to stand out. With fewer homes on the market, you can set yourself up to get the most eyes possible on your house. Your house may also see multiple offers as buyers compete over the limited supply of homes for sale – especially if you price it right.
We have seen multiple offers several times this year in the Charleston area. We would caution potential sellers that this market is not the same as the post-pandemic craze. While some well-priced homes receive multiple offers, buyers are asking for repairs, appraisals and home warranties (in some cases).
Bottom line: Every homeowner’s goals are different. If you’re ready to sell, we recommend putting your home on the market now to beat the competition that may come later in the year. Reach out to us to help you go over your real estate goals so you can make a decision that makes sense for you.
Lauren | Lauren Zurilla & Associates
Source: Keeping Current Matters