As we welcome June, we also celebrate National Homeownership Month. It's a great time to think about all the good things that come with owning a home. Yes, it's nice to save money, but owning a home
Limited Supply Market: Beating the Competition When Selling Your House
Dated: May 19 2023
Thinking about selling your house? It's crucial to understand the current real estate landscape. Right now, there's a notable shortage of homes for sale in Orange County and the surrounding areas. In fact, the number of sellers listing their properties this season is lower than usual. This blog post will delve into the significance of this trend and explain why selling your house when others aren't could be your winning move.
The Unprecedented Low Inventory
Looking back at data from April in recent years, the only time we witnessed fewer sellers listing their homes was in April 2020, during the height of the pandemic. Typically, around 500,000 homes are added to the market in April. However, this year, the number fell below 400,000. The graph below visually represents this decline, with the red line indicating the dip in April 2020.
The Role of Rate Lock
One key factor contributing to this trend is the concept of rate lock. Many homeowners are reluctant to sell their current house when the mortgage rate they have is lower than what they could obtain for their next house. A recent survey by Realtor.com revealed that 56% of people planning to sell within the next year are waiting for rates to come down. While this cautious approach may be suitable for some sellers, it presents an opportunity for those who are ready to make a move.
Stand Out and Gain an Advantage
If your current house no longer suits your needs and you're prepared to take the next step, don't miss out on the chance to stand out. With fewer sellers putting their homes on the market, buyers will have limited options. By listing your house now, you increase the visibility of your property and create a scenario where multiple buyers may compete for it. Of course, proper pricing is crucial to attract these interested parties.
As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), emphasizes:
“Inventory levels are still at historic lows . . . Consequently, multiple offers are returning on a good number of properties."
In a real estate market with historically low inventory, timing is everything. If you're ready to sell, taking action before the competition emerges can significantly benefit you. By doing so, your house will stand out among the limited supply of homes for sale, potentially resulting in multiple offers. Connect with Radcliffe & Associates to ensure you're market ready and make the most of this advantageous situation. Don't let the opportunity slip away—seize it today.
Shaun Radcliffe, a native of Southern California, brings a six star customer service approach to real estate. Having been a Business Development Manager before entering into real estate, he learned ho....
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