If you are thinking of selling your home, you should be aware that there are currently a small number of homes for sale. That’s because fewer home sellers are putting their homes up for sale this season.
Looking back at every April since 2017, the only year in which there were fewer sellers listing homes was in April 2020, when the housing market closed due to the pandemic (shown in red in the chart below). In a more typical year, about 500,000 sellers put their homes up for sale in April. He had less than 400,000 sellers entering the market in April this year (see chart below).
There are many factors that contribute to this trend, but one of the reasons inventories remain low at the moment is that current mortgage rates on homes are lower than current mortgage rates, so some homeowners are It is a fact that they are reluctant to move. House. It’s called rate locking.
According to a recent Realtor.com survey, 56% of those planning to sell in the next 12 months said they were waiting for the price to drop.
While this wait-and-see approach works well for some sellers, it also creates an opportunity for more enthusiastic sellers to jump right in.
If your current home no longer suits your needs and you’re ready to move, don’t miss this chance to stand out from the crowd. With fewer homes for sale, buyers have fewer options. Therefore, you should try to bring as much attention to your home as possible. Because of this, your home may receive multiple offers as buyers compete for a limited supply of homes, especially if you set the right price.