As the maps on the previous page show, seller traffic is weak. That directly impacts housing supply. While signs indicate housing supply is starting to rise as more sellers list their homes, inventory is still low. The graph below gives you an idea of how today’s low inventory compares to pre-pandemic years using data from NAR on the months’ supply of homes for sale.
Months Inventory of Homes for Sale In Millions (2011-2022)
1.5 2.5 3.5 4.5 5.5 6.5 7.5 8.5 9.5
Jan. 2011
Jan. 2012
Jan. 2013
Jan. 2014
Jan. 2015
Jan. 2016
Jan. 2017
Jan. 2018
Jan. 2019
Jan. 2020
Jan. 2021
Jan. 2022 Source: NAR
Bottom Line The current imbalance of supply and demand puts sellers in the driver’s seat. Let’s connect today to discuss how much leverage you have, and why it may make sense to sell now before your house has more competition. That’s because there’s a chance you’ll get offers from multiple buyers who are willing to compete for your house. They’ll do everything they can to make their offer stand out. This could mean you’ll see things like waived contingencies, offers over asking price, earnest money deposits, and more. As the offers come in, work with your agent to look closely at each one before you decide which works best for you. What That Means For You When there’s strong demand for an item and a limited supply of it available, the seller has maximum leverage. You might already realize this advantage enables you to sell at the best possible price, but it also means you’re in a better position to get the ideal contract terms to suit your needs.
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