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Even before the pandemic, there was a shortage of homes for sale. Many of those who had planned to sell, pushed back their plans, or put off selling completely. Pair that with a record low interest rate on mortgages, buyers came out in droves to snag up those that were available. These are the biggest factors contributing to the housing shortage as a hot market has buyers competing for homes that are accessible. As Danielle Hale, Chief Economist at Realtor.com, explains: Every month, Realtor.com releases new data showing the year-over-year change in inventory of existing homes for sale. As you can see in the map below, nationwide, inventory is 42.6% lower nationwide than it was at this time last year:
Does this mean that homes are not being listed? Absolutely not, they are just selling faster. The market is just that competitive right now. Think of the start of the pandemic, where everyone was looking for paper towels and toilet paper. It was flying off the shelves as soon as it could be stocked. The real estate market is doing just that. In our local Chicagoland area, home prices have shot up over 8%, and median Days On Market (DOM) have dropped a stunning 21%. Homes are being listed, but not at a rate that can keep up with heavy demand from competitive buyers.
There is light at the end of the tunnel, however. As the health crisis has been a major player on why potential sellers have held off this long, homeowners will begin listing. Vaccines are being more readily available. With more homeowners getting ready to sell later in the year, putting your home on the market sooner rather than later will be the best way to get the most money for your home and sell quickly. If you are looking for those seller conditions, you’ll find them in today’s real estate market. When demand is high and inventory is low, sellers have the ability to create optimal terms and timelines.
These market conditions are not here forever, but it is a huge win for sellers who want to take advantage of it. If you are in a position to sell your home now, don’t wait for your neighbors to do the same. Contact me today to set up an appointment, and I will guide you through the process and present my marketing techniques to sell your home for the most possible.
