If you have been contemplating selling your home, it is important for you to make your decision quickly. Fannie Mae’s recent Home Purchase Sentiment Index (HPSI) found that the number of respondents who say it is a good time to sell is higher now than it was over the past few summers. Today, 75% of consumers believe it is a great time to sell a home (see graph below).
Why is Sellers Sentiment Up?
The current “good time to sell” sentiment has a lot to do with today’s market conditions, especially the low housing supply and high buyer demand. In other words, despite the fluctuation in buyer demand, we still do not have enough houses available for sale to meet buyer demand. On August 21, 2021, the National Association of Realtors (NAR), reported that we are still facing a sellers’ market due to housing supply being well-below a balanced norm (see graph below).
As you can see, the scales are tipped in a seller’s favor today. However, while housing supply is undeniably low, the graph above shows how the inventory situation is improving slightly each month as more sellers list their homes for sale. In other words, as more time passes, buyers have more options to choose from, resulting in your home getting less buyer attention over time. “More homeowners continue to list homes for sale compared to a year ago…notably, while new listings continue to lag behind a more ‘normal’ 2019 pace, the gap is shrinking. Even though homes continue to sell quickly thanks to high demand and limited supply, new listings are subtly shifting the balance of market conditions in favor of buyers,” Danielle Hale, Chief Economist for Realtor.com said.
But, Where Will I Go?
If you are thinking of selling your home, but do not know what you will buy, there are tons of options to consider! Existing homes will provide you with a wide variety of styles and floorplans, an established neighborhood, mature trees and landscaping, and that incredible lived-in charm. Building a home will allow you to create your ideal home from the ground up, cash in on energy efficiency, minimize the need for repairs and upgrades, and everything will be brand new! Whether you are looking for a new construction home or an existing home, both have their perks. Michele Harmon Team can help you sell your home while simultaneously looking for the perfect new home for you.
What Does This Mean for You?
If you have been waiting for the perfect time to sell, you may not find a more perfect time than right now. Inventory is gradually increasing monthly and the unique mix of low supply and high demand will not last forever. Call Michele Harmon Team at 713-818-1330 TODAY to find out what you need to do to take advantage of today’s sellers’ market. We would love to discuss what your home is worth and why you should choose Michele Harmon Team to get your home sold!