You know how the housing market used to be super crazy a few years back, with everything selling like hotcakes? Well, things have slowed down a bit since then, but it's still a great time to be a seller. The reason is simple - there just aren't enough houses for sale compared to the number of people looking to buy. That's why it's called a seller's market. But what does that mean for you? It means that if you're thinking of selling your house, you're in luck! The demand for homes is high, which gives you a great opportunity to get a good price and sell quickly. So, go ahead and take advantage of these favorable conditions!

Here's the scoop from the latest Existing Home Sales Report by the National Association of Realtors (NAR): the housing supply is seriously low. They measure housing inventory based on how many homes are up for grabs on the market, as well as how long it would take to sell all those homes based on the current demand. In a normal market, you'd typically have about a six-month supply of homes. But right now, we're only looking at around 3 months' worth of homes at the current sales pace. That's not a whole lot, as you can see in the graph below. It's definitely a tough market out there for buyers.

As the visual shows, given the current inventory of homes, it’s still a seller's market.

Right now, we're not even close to having a balanced market. In fact, the number of houses available is only half of what we'd normally see in a normal market. That basically means there aren't enough homes for all the buyers out there right now. It's a bit of a challenge, to say the least.

““There are simply not enough homes for sale. The market can easily absorb a doubling of inventory.””

— Lawrence Yun, Chief Economist for NAR

How Does Being in a Seller’s Market Benefit You?

Let me tell you, these conditions are a game-changer for you. Right now, we've got eager buyers who are all set to buy a new home. And let me tell you, with the limited number of homes available, the ones that do come on the market are like gold dust to these buyers. They just can't resist them!

If you team up with a local real estate agent to put your house on the market today, making sure it looks great and is priced just right, it's bound to catch people's eye. You might even find yourself with multiple offers to choose from!

Bottom Line

The current real estate market is really working in your favor when it comes to selling your house. With the low supply of available properties, your house is going to stand out and catch the attention of serious buyers who are desperately looking for more options. Let's get in touch so I can give you all the details about what's happening in our local area. It'll help you understand the situation better and get you prepared to enter the market.