With the current low inventory of Raleigh homes for sale, it’s important to note that this season sees fewer sellers listing their houses compared to the usual market trends. If you’re considering selling your Triangle area home, now is a unique opportunity.
When analyzing April data from 2017 onwards, the only year with fewer sellers listing their homes was April 2020, marked by the impact of the pandemic on the housing market (highlighted in red on the graph below). In a typical year, around 500,000 sellers put their homes on the market in April. However, this year witnessed less than 400,000 sellers entering the market during the same month. (see graph below):
Several factors are playing a role in this trend, but one significant factor contributing to the current low inventory is homeowners’ hesitation to move due to a term called “rate lock”. With mortgage rates on their current homes lower than what they could secure for their next homes, some homeowners are reluctant to make a move at this time.
According to a recent survey conducted by Realtor.com, 56% of individuals planning to sell their homes in the next 12 months stated that they are currently waiting for rates to decrease before making their move.
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 Raleigh home no longer meets your needs and you’re prepared to make a move, seize this opportunity. With fewer sellers listing their homes, there will be fewer options for buyers, giving you the advantage of attracting maximum attention to your house. This increased demand for the limited supply of homes for sale could potentially result in multiple offers, particularly if you price it appropriately. Don’t miss out on this chance to make your property stand out in the Triangle area housing market.
As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:
Inventory levels are still at historic lows . . . Consequently, multiple offers are returning on a good number of properties.”
Bottom Line
If you’re eager to sell your home, gain an edge over the competition by getting ahead of the market. By doing so, your house will have the opportunity to stand out and potentially attract multiple offers. Contact Linda Craft Team Realtors to discuss the next steps and make your selling journey a success.