Why Sellers are Winning Big Today
When selling anything, you always hope for strong demand for the item coupled with a limited supply. That maximizes your leverage when negotiating the sale. Home sellers are in that exact situation right now. Here’s why.
Demand Is Very Strong
According to the Existing Home Sales Report from the National Association of Realtors (NAR), 6.18 million homes were sold in 2021 – the highest home sales in 15 years. Lawrence Yun, Chief Economist for NAR, explains:
“Sales for the entire year finished strong, reaching the highest annual level since 2006. . . .”
The good news is, demand is expected to remain strong this year as buyers rush to stay ahead of rising mortgage rates and increasing prices. As a seller, that means you can expect there will be plenty of buyers eager to purchase your house.
Supply Is Very Limited
The same report from NAR also reveals the year began with the supply of available homes at an all-time low. NAR notes:
“Total housing inventory at the end of January amounted to 860,000 units, down 2.3% from December and down 16.5% from one year ago (1.03 million). Unsold inventory sits at a 1.6-month supply at the current sales pace, down from 1.7 months in December and from 1.9 months in January 2021.”
Homeowners who want to to take advantage of today’s market shouldn’t wait to sell. Let’s connect today so you can make a confident and informed decision as you embark on this new journey.