Despite a decrease in housing market activity compared to the frenzied state witnessed over a year ago, the current low supply of Raleigh homes available for purchase still signifies a favorable environment for sellers. However, what exactly does this imply, and why is it advantageous to list your Triangle home in such circumstances?
The number of homes obtainable for sale forms the starting point of the discussion. The National Association of Realtors (NAR) most recent Existing Home Sales Report reveals an alarmingly low housing supply. Presently, there is only a 2.6-month supply of homes based on the existing sales rate. Typically, a 6-month supply is required for a ‘normal’ or ‘neutral’ market, where there is a sufficient number of homes to cater to prospective buyers (as illustrated in the graph below):
What Does This Mean for You?
The current low supply of homes available for sale makes it considerably difficult for buyers to locate one to purchase. This, in turn, heightens competition among buyers, leading to an increase in property prices. Moreover, if buyers are aware that several other parties are also interested in the same property, they will make an effort to put forward a very appealing offer. In such a scenario, sellers have the advantage of negotiating deals that align with their preferred terms. According to Lawrence Yun, the Chief Economist at NAR:
“Inventory levels are still at historic lows. Consequently, multiple offers are returning on a good number of properties.”
At present, there exist numerous prospective buyers who are prepared, enthusiastic, and financially capable of purchasing a home. By listing your house at a fair price and in excellent condition, you can attract the attention of such competitive buyers.
Bottom Line
The present sellers’ market presents a fantastic chance for homeowners intending to relocate to the Triangle area. By listing your house for sale at this time, you can attract the attention of serious, competitive buyers, which will maximize your chances of securing a favorable deal. Do not hesitate to connect with Linda Craft Team Realtors so we can discuss how to kickstart the selling process.