The fact that 70% of buyers put their home hunt on hold last year is hardly shocking. Perhaps you were among them. And don't pass judgment if it is. Simply put, things weren't going well.
Prices were too high, inventory was too limited, and mortgage rates were fluctuating widely. Finding a house you loved and could afford became extremely difficult as a result. And if you don't know where you're headed, why sell?
The problem is that the market is changing. Perhaps it's time to press play once more.
The Sweet Spot for Inventory
This year, more homeowners are resuming their quest for a home. More residences are being completed by builders. When combined, that gives you more options for your next relocation, possibly including the house of your dreams.
There are more opportunities when there are more homes.
But that's not all there is to it. You don't want to feel as though finding a new house is unattainable after selling. However, you also don't want a lot of inventory because it will take a long time for your house to sell. You'll get the best of both worlds right now.
This information will help you visualize the situation. In most markets, inventory is still below pre-pandemic levels despite a 28.5% increase since this time last year, according to Realtor.com. Here's why this is such a lovely spot (see graph below):
In essence, there are more options when you relocate, but not enough to make it difficult for you to sell your existing residence. If you work with an agent to ensure that your home is properly priced and prepared to impress, it should sell quickly.
More options. Less chaos. Strong demand is the real sweet spot.
Here's something else to think about, though. Additionally, inventory has increased for 17 consecutive months, according to data from Realtor.com. Experts also concur that it will probably keep rising all year long. According to ResiClub Co-Founder Lance Lambert:
“The fact that inventory is rising year-over-year . . . strongly suggests that national active housing inventory for sale is likely to end the year higher.”
Therefore, now might be the ideal time to sell. As the year progresses and inventory increases even further, your home might stand out more today than it would later. If you wait too long, you might be among the numerous people attempting to make an impression later this year.
Bottom Line
The housing market just gave you a sign, if you've been waiting for one. Regardless of your goals—upgrading, downsizing, or moving entirely—this may be the best balance we've seen in a long time.
What is preventing you from seizing this opportunity? Contact Chris today discuss it and see what options are available.
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