If you are looking to sell your home there is no doubt that now is the right time. Fannie Mae’s Home Purchase Sentiment Index (HPSI) reports the majority of consumers believe it’s a good time to sell a house (see graph below). More consumers believe now is a good time to sell compared to previous summers because of today’s market conditions. The low housing supply and high buyer demand creates the perfect selling conditions.
The market is still firmly a seller’s market as there is a shortage of homes on the market (shown in the graph below). While the housing supply is low, the inventory situation is improving as more sellers list their homes for sale. The power switches over to the buyers when they have more options to pick from.
Danielle Hale, Chief Economist for realtor.com, explains it like this: “More homeowners continue to list homes for sale compared to a year ago… Notably, while new listings continue to lag behind a more ‘normal’ 2019 pace, the gap is shrinking. Even though homes continue to sell quickly thanks to high demand and limited supply, new listings are subtly shifting the balance of market conditions in favor of buyers.”
There may not be a better chance to sell your home than right now. The housing shortage won’t last long, so selling sooner rather than later will help you maximize your return on investment. Contact Quest Real Estate today to find out what you need to do now to take advantage of this sellers’ market.