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If you have pondered selling your home, it’s important to consider the current real estate market conditions—especially while keeping your personal needs in mind. One factor, that can work to your advantage, is the scarcity of available homes for sale. In this article, we’ll delve into the current inventory situation and what it means for you as a seller.
Low Inventory: A Seller’s Benefit
In the realm of selling, scarcity can be your best friend. When what you are selling is in high demand, but in short supply, it becomes even more desirable. This is precisely the situation in today’s housing market.
The number of potential buyers exceeds the available homes for sale. New construction has been a bonus for would-be homeowners; however, many of these new construction sites are located a bit farther out than many people are willing to commute from. With back to office mandates on the rise, the desire to keep commuting times reasonable, while still allowing families to thrive in their communities, has put established homes at the top of most buyers’ lists.
To illustrate the extent of this inventory shortage, let’s examine the latest data on active listings in our area (Counties: King, Pierce & Snohomish). The graph below from the NWMLS compares the number of active homes for sale at the same time last year.
What does this mean for sellers?
With limited housing supply, buyers are hungry for more options. Your home could be exactly what they’re searching for! This can also be an optimal time for upsizing or downsizing. Sellers are looking to transition to a larger, or smaller, property. The proceeds from a sale in a low-inventory market can put you in a more advantageous position when making your next real estate move. The best piece of advice I can give you is to team up with a reputable local real estate agent—one who will help you price your home effectively, and promote it efficiently, giving you the best chance of success.
Exploring Your Options? Get in Touch for a Free Comparative Market Analysis
If you’re considering different options, don’t hesitate to contact us. We’d be more than happy to provide a complimentary comparative market analysis and discuss what options would work best for you.
Hey there! I’m Maureen, a community blogger and Real Estate Broker at American Classic Homes Real Estate in the Pacific Northwest. Here to help you find your perfect home and share tips on living your best life in the PNW. Let’s come home together to the Pacific Northwest!
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