Friday, October 14, 2022 / by Laura Larson
Do you doubt your plans to sell your home in light of recent housing market news? The key, then, is perspective. Here are a few ways a reliable real estate expert may explain the current change and the reasons it's still a sellers' market despite the cooldown.
Fewer Homes for Sale than Pre-Pandemic
Even if there are more houses for sale this year than last, the market is still far from being called balanced.
It demonstrates that supply this year is more than 30% more than in 2021. We have just about surpassed the volume of inventories we had in 2020. And if you go all the way back to 2019, the last year in which real estate conditions were normal, we are now almost 40% below the housing supply we had then.
Why are you concerned about this? Because there aren't enough houses for sale, there is still demand your home even when the inventory is low.
The average number of days on the market is still far lower than pre-pandemic standards, despite the fact that properties aren't selling as quickly as they did a few months ago. This is largely due to the extremely low inventory.
There were more listings before the pandemic than there were during it. That's because when homes sold at a record pace during the pandemic, the typical number of days on the market began to decline. The average days on the market have started to increase as a result of the slowdown in the housing market, but they are still well below the pre-pandemic average.
How does this affect you? Homes are still selling far faster than they were pre-pandemic, despite the fact that it may not be as quickly as it was a couple of months ago. And if you accurately price your home, it can still sell swiftly.
Buyer demand has tempered and is now more in line with years that are more typical.
Due to rising mortgage rates, this year's buyer demand has weakened. Still, perspective is important. Receiving three to five offers, as some sellers did during the pandemic, is unusual.
Prior to the epidemic, residences for sale often received between two and five offers. The average number of offers rose as the market heated up during the epidemic as demand increased due to historically low mortgage rates. Most recently, the market has begun to cool from the frenzy, and the number of offers on homes sold today has begun to revert to pre-pandemic levels.
What did you learn from this? Although it has decreased from the pandemic peak, consumer demand is still present. If you price your home at the current market value, you will still be able to sell it today since there are still buyers out there.
Talk to Laura Larson right away if you have any questions about selling your home in the current real estate market. To keep you informed about what to anticipate when you're ready to move, an agent can assist put what's happening right now into context.