The Best Time To Sell Your House Is When Others Aren’t Selling

The Best Time To Sell Your House Is When Others Aren’t Selling Simplifying The MarketIf 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.

Looking back at every April since 2017, the only year when fewer sellers listed their homes was in April 2020, when the pandemic hit and stalled the housing market (shown in red in the graph below). In more typical years, roughly 500,000 sellers add their homes to the market in April. This year, we saw fewer than 400,000 sellers entering the market in April (see graph below):

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. It’s called rate lock.

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. When fewer sellers are putting their homes up for sale, buyers will have fewer options, so you set yourself up to get the most eyes possible on your house. That’s why your house could see multiple offers as buyers compete over the limited supply of homes for sale – especially if you price it right.

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.”

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If you’re ready to sell now, beat the competition before it comes onto the market. If you do, your house should stand out and could get multiple offers. Partner with a real estate professional to get your house on the market.

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Why Today’s Housing Market Is Not About To Crash

There has been concern recently that the housing market may be headed for a crash. Although, given the affordability challenges in the housing market and the recession talks in the media, the worry is understandable. However, the data clearly shows that today’s market is much different than it was before the housing crash in 2008. Here’s why:

Getting a home loan was much easier during the 2008 housing crisis than today, as lending standards were different which gave homeowners the opportunity to qualify for a home loan or refinance an existing one. This allowed lending institutions to take on a lot of risk in both the person and the mortgage product offered. Consequently, there were mass defaults, foreclosures, and falling prices. Currently, potential property purchasers face higher standards from mortgage firms.

While the pandemic resulted in a spike in unemployment over the last couple of years, the jobless rate has already recovered back to pre-pandemic levels. During the Great Recession, many people stayed unemployed for a more extended period, which was different from what occurred this time due to a swift job recovery. Considering that many people are employed today, there’s less risk of homeowners facing hardship and defaulting on loans. This helps put today’s housing market in good stead, and there’s a lower risk of more foreclosures coming onto the market.

During the housing crisis, there were many homes for sale (many of which were short sales and foreclosures), and that caused prices to fall dramatically. Today, there’s a shortage of inventory available overall, mainly due to years of underbuilding homes. The unsold inventory is at just a 2.6-months’ supply, and this time there just isn’t enough inventory on the market for home prices to come crashing down like they did in 2008.

The low inventory of homes available for sale helped keep upward pressure on home prices over the course of the pandemic. As a result, homeowners today have near-record amounts of equity, which puts them in a much stronger position compared to the Great Recession.

The graphs in the article indicate that today’s housing market is headed for a crash as there’s a shortage of inventory, homeowners have a lot of equity, and unemployment rates have returned to pre-pandemic levels. The current data clearly shows that today’s market is nothing like what occurred in 2008.

Reasons To Sell Your House Today [INFOGRAPHIC]

Reasons To Sell Your House Today [INFOGRAPHIC] Simplifying The Market

Some Highlights

  • There are a number of reasons why it still makes sense to sell your house today.
  • Inventory is low, which means that your house will stand out. Additionally, the number of offers on recently sold homes is on the rise.
  • Most homeowners have a lot of equity, which can fuel a move.
  • If you’re thinking about selling your house, reach out to a local real estate expert to discuss if now may be the time to move.
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Buyer Activity Is Up Despite Higher Mortgage Rates

Reports show that despite the rise in mortgage rates, home buyers seem to be more active this year. The ShowingTime Showing Index data revealed a promising trend during the first two months of the year, indicating an increase in buyer demand. Even in February, when colder temperatures would usually curb activity, buyer traffic surged because of the limited number of homes available for sale. Comparing February’s foot traffic with the past six years’ activity confirms that this year was one of the best Februarys for home buyer activity. The data suggests that more homebuyers were on the lookout for their dream abode, even with the upsurge in mortgage rates. This increased buyer activity may indicate that the housing market is still going strong this year, with home buyers eagerly searching for suitable homes. For sellers looking to put their homes up for sale, this report provides some good news as real estate professionals can aid in listing and bringing your home to the attention of potential buyers.

What Are the Experts Saying About the Spring Housing Market?

What Are the Experts Saying About the Spring Housing Market? Simplifying The Market

The housing market’s been going through a lot of change lately, and there’s been uncertainty surrounding what will happen this spring. You may be wondering if more homes will go on the market, what’s next with home prices and mortgage rates, or what the best advice is for someone in your position right now.

Here’s what industry experts are saying right now about the spring housing market and what it means for you:

Selma Hepp, Chief Economist, CoreLogic:

“We see more competition among buyers . . . Housing supply also tends to grow during the spring months. And this is also the time of year when relatively more migration happens, as people graduate and move elsewhere looking for jobs.”

Greg McBride, Chief Financial Analyst, Bankrate:

“I don’t expect big moves in prices in the span of a month, but like the flower buds of spring, the housing market is showing signs of improvement. A pick up in activity with inventory still low does bode well for home prices.”

Rick Sharga, Founder and CEO, CJ Patrick Company:

“If you can find a home you love and can afford at today’s prices, don’t wait. Home prices in most of the country are unlikely to crash, and mortgage rates will only come down very gradually if they decline at all this year.” 

Jeff Tucker, Senior Economist, Zillow:

“The market is still much friendlier this spring for buyers who can overcome affordability hurdles, but buyers are going to see more competition than they might expect because there are not many homes on the market to go around. New listings are increasing, which they almost always do this time of year, but not nearly as quickly as usual.”

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If you’re thinking about selling your house, this spring’s a great time to do so while inventory is still so low. And if you’re in a good position to buy, lean on your team of expert advisors for the best advice. Whatever your plans, work with a real estate agent to make sure you’re able to navigate the spring housing market with confidence.

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Falling out of Love with Your House? It May Be Time To Move.

Falling out of Love with Your House? It May Be Time To Move. Simplifying The Market

Owning a home means having a place that’s solely your own and provides the space, features, and location you and your loved ones need. But what happens when your needs change? If this hits home for you, it may be time to make a move.

According to the latest Home Buyers and Sellers Generational Trends Report from the National Association of Realtors (NAR), the average person has lived in their current house for ten years. If you’ve been in your home for a while, think about how much in your life has changed since you moved in. Even if you thought it would be your forever home when you bought it, it doesn’t have to be. Work with a local real estate agent to explore all your options in today’s market before settling for your current home.

That’s actually what a lot of homeowners are doing right now. A recent survey from Realtor.com finds that, of people who are considering selling in 2023, one in three are thinking about moving because their home no longer meets their needs. And according to the same report from NAR, that’s consistent with this year’s top reasons for selling, which include:

  • Want to move closer to friends or family
  • Moving due to retirement
  • Home is too small or too large
  • Change in family situation
  • Job relocation

If things in your life have changed, it may be time to make a move. And there’s good news: it’s still a great time to sell. Here’s why.

We’re in a strong sellers’ market. That means homes listed at market value and in good condition are getting attention from buyers and selling quickly. Lean on your expert real estate advisor for the best advice on getting your house ready to sell.

Your equity can power your next move. There’s a good chance you have a significant amount of equity right now thanks to record levels of price appreciation in recent years. When you sell, you can use that equity to help afford your next home. In fact, NAR’s report from above shows 38% of recent buyers used the money from the sale of their previous home to cover the down payment on their next one. Work with a local real estate agent to learn how much equity you have and what you can do with it in today’s housing market.

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If your home no longer meets your needs, consider selling it so you can find your dream home. Work with a real estate professional so you can learn about your options.

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Want To Sell Your House This Spring? Price It Right.

Want To Sell Your House This Spring? Price It Right. Simplifying The Market

Over the last year, the housing market’s gone through significant change. While it’s still a sellers’ market, homes that are priced right are selling, and they get the most attention from buyers right now. If you’re thinking of selling your house this spring, it’s important to lean on your expert real estate advisor when it comes to setting a list price. As Realtor.com explains:

“Move-in-ready homes with curb appeal and in desirable areas—and that are priced to sell—are especially likely to move quickly this spring.”

In today’s market, how you price your house will not only make a big difference to your bottom line, but to how quickly your house will sell.

Why Pricing Your House Right Matters

Your asking price sends a message to potential buyers, especially today.

If it’s priced too low, you may leave money on the table or discourage buyers who may see a lower-than-expected price tag and wonder if that means something is wrong with the home.

If it’s priced too high, you run the risk of deterring buyers. When that happens, you may have to lower the price to drive interest when your house sits on the market for a while. But be aware that a price drop can be seen as a red flag by some buyers who will wonder what it means about the home.

To avoid either headache, price it right from the start. A real estate professional knows how to determine the ideal asking price. They balance the value of homes in your neighborhood, current market trends, buyer demand, the condition of your house, and more to find the right price. This helps lead to stronger offers and a greater likelihood your house will sell quickly.

The visual below helps summarize the impact your asking price can have:

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The Big Advantage If You Sell This Spring

The Big Advantage If You Sell This Spring Simplifying The Market

Thinking about selling your house? If you’ve been waiting for the right time, it could be now while the supply of homes for sale is so low. HousingWire shares:

“. . . the big question is whether we are finally starting to see the seasonal spring increase in inventory. The answer is no, because active listings fell to a new low last week for 2023 . . .”

The National Association of Realtors (NAR) confirms today’s housing inventory is low by looking at the months’ supply of homes on the market. In a balanced market, about a six-month supply is needed. Anything lower is a sellers’ market. And today, the number is much lower:

“Total housing inventory registered at the end of February was 980,000 units, identical to January and up 15.3% from one year ago (850,000). Unsold inventory sits at a 2.6-month supply at the current sales pace, down 10.3% from January but up from 1.7 months in February 2022.”

Why Does Low Inventory Make It a Good Time To Sell?

The less inventory there is on the market when you sell, the less competition you’re likely to face from other sellers. That means your house will get more attention from the buyers looking for a home this spring. And since there are significantly more buyers in the market than there are homes for sale, you could even receive more than one offer on your house. Multiple offers are on the rise again (see graph below):  

If you get more than one offer on your house, it becomes a bidding war between buyers – and that means you have greater leverage to sell on your terms. But if you want to maximize the opportunity for a bidding war to spark, be sure to lean on your expert real estate advisor. While we’re still in a strong sellers’ market, it isn’t the frenzy we saw a couple of years ago, and today’s buyers are focused on the houses with the greatest appeal. Clare Trapasso, Executive News Editor at Realtor.com, explains:

“Well-priced, move-in ready homes with curb appeal in desirable areas are still receiving multiple offers and selling for over the asking price in many parts of the country. So, this spring, it’s especially important for sellers to make their homes as attractive as possible to appeal to as many buyers as possible.”

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Homebuyer Activity Shows Signs of Warming Up for Spring

Homebuyer Activity Shows Signs of Warming Up for Spring Simplifying The Market

The spring season appears to be warming up in housing as more and more buyers enter the market. And after rising mortgage rates sidelined so many buyers last year, that’s a good sign for sellers. Realtor.com has the latest:

“Spring is officially here, and like green shoots emerging from the bleak winter, new data suggests that more buyers are back in the market, although more subdued compared to a year ago.”

We know buyer activity is trending up because of mortgage purchase application data. According to Investopedia:

“A mortgage application is a document submitted to a lender when you apply for a mortgage to purchase real estate.”

That means the number of mortgage applications shows how many buyers are applying for mortgages. Put another way, an increase in mortgage applications means an increase in buyer demand – and as Joel Kan, VP and Deputy Chief Economist at the Mortgage Bankers Association (MBA), explains, application activity started ramping up as mortgage rates fell steadily in March:

“Application activity increased as mortgage rates declined . . . recent increases, along with data from other sources showing an uptick in home sales, is a welcome development.”

In fact, we can see how mortgage rates have a direct impact on applications over time. As rates rose dramatically last year, applications fell in response (see graph below):

 

The recent uptick in mortgage applications, as well as the decline in mortgage rates, is good news for sellers because it means more buyers are actively looking for homes.

What This Means for You

Buyers are coming this spring, which is typically the busiest time of the year in real estate. And as Realtor.com tells us, if you’re a seller, you need to prepare:

“If homeowners are planning to sell in 2023, now is the time to get ready.”

The means working with a local real estate agent to maximize your home’s appeal and get it listed at the ideal price for your area.

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James Jestes, Your new favorite Realtor.

Hello my name is James Jestes and I am a Broker Associate with eXp Realty.  I am dedicated to helping you find your perfect new home. I’m a no hassle, no pressure agent here to help you accomplish your real estate goals. Please reach out to me and let me know how I can help you purchase or sell your home.

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James Jestes
eXp Realty
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James@JamesJestes.com

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