As you embark on the journey of selling your Raleigh home, you’re likely considering the current market dynamics and how they align with your needs. One factor that may prove advantageous is the current shortage of homes available for sale in the Triangle area. Let’s delve into the current low-inventory market and its implications for you.
The Supply of Homes for Sale Is Far Below the Norm
When selling something, it’s advantageous to have a product in high demand and limited supply. This combination increases its desirability due to scarcity. This is precisely what’s happening in today’s housing market. The demand for homes far exceeds the supply available for sale.
To illustrate the extent of this inventory shortage, consider the latest data on active listings, which represent homes available for sale. The graph below, based on data from Realtor.com, compares the number of active listings in September of this year to the more typical levels in the market.
As evident from the graph, comparing the last normal years for the market (represented by the blue bars) to the latest numbers for this year (represented by the red bar), it’s clear that inventory is significantly lower than the norm.
What That Means for You
Buyers currently face a narrower selection of homes than they did in more typical years. This situation presents an opportunity for you to reap significant benefits if you sell your Raleigh house today. Due to the limited availability of homes, well-priced properties are still selling rapidly, and the average seller is receiving multiple offers from eager buyers. According to the latest data from the Confidence Index from the National Association of Realtors (NAR):
- 69% of homes sold in less than a month.
- 2.6 offers: the average number of offers on recently sold homes.
An article from Realtor.com also explains how the limited number of houses for sale benefits you if you’re selling:
. . . homes spent two weeks less on the market this past month than they did in the average September from 2017 to 2019 . . . as still-limited supply spurs homebuyers to act quickly . . .”
Bottom Line
Given the extremely low supply of homes for sale, buyers desperately seek more options, and your Triangle area house could be the perfect solution. Contact Linda Craft Team Realtors to get the current value of your home in today’s market. You could still witness a quick sale and potentially receive multiple offers.