Capitalizing on the Scarcity: Selling Your Home in Today's Limited Housing Market

Lisa Mailhot  |  August 8, 2023

Buyers

Capitalizing on the Scarcity: Selling Your Home in Today's Limited Housing Market

 

Is it still a good idea to sell your house in the current housing market where only half the usual inventory is available? Absolutely, especially considering the limited number of homes up for sale at this time.

You might have heard about the current shortage in inventory, but you might not fully grasp the extent of the scarcity and the advantages it brings when you decide to put your house on the market. A visual representation by Calculated Risk, depicted in the graph below, helps to illustrate this concept:

As demonstrated by the graph, while there has been a slight increase in housing inventory on a week-to-week basis (indicated by the blue bar), the overall supply remains considerably low (as shown by the red bars). When compared to the same period last year, the supply has decreased by around 10%, and even then, it was already deemed as limited. However, taking a broader historical view reveals an even more substantial decline in inventory.

To better understand how far the current inventory deviates from a normal scenario, let's make a comparison to the year 2019, which was the last year characterized by a standard market condition. If we contrast the present week with the corresponding week in 2019, the supply is approximately 50% less. Consequently, there are now only half as many homes available for sale compared to the usual quantity.

The main takeaway is that the market is far from achieving a state of balance. The demand for your house remains robust due to the inadequate number of homes accessible. As Lawrence Yun, the Chief Economist at the National Association of Realtors (NAR), clarifies:

“There are simply not enough homes for sale. The market can easily absorb a doubling of inventory.”

Hence, if you are contemplating listing your house, it's important to recognize that the current inventory is only around half of what is typically present in a more regular year. This implies that your house will garner considerable attention if you decide to sell now, potentially resulting in multiple offers and a swift home sale.

Bottom Line

Given that the number of homes available for sale is approximately half of what is customary in a more usual year, you can confidently proceed knowing that there is a substantial demand for your house. If you are interested in selling, don't hesitate to reach out so that your property can stand out in a market characterized by such limited inventory.


Recent Blog Posts

Stay up to date on the latest real estate trends.

Sellers

Unlocking Cost-Free Real Estate Marketing Strategies for Maximum Impact

Lisa Mailhot  |  May 17, 2024

Explore five innovative and cost-free real estate marketing strategies that leverage creativity and strategic thinking to enhance your brand's visibility. From network… Read more

Buyers

The Rise of Tiny Homes as a Game-Changer in Modern Housing

Lisa Mailhot  |  May 16, 2024

Tiny homes are gaining popularity as affordable and eco-friendly housing options, but they come with pros and cons. Explore the tiny house movement and whether it's th… Read more

Buyers

Practical Steps to Achieve Financial Prosperity

Lisa Mailhot  |  May 14, 2024

Discover effective strategies to build wealth and achieve financial freedom in our latest blog. Learn about setting financial goals, managing debt, and the importance … Read more

Buyers

Inland Empire Warehouse Market Faces Oversupply, Rents Under Pressure

Lisa Mailhot  |  May 14, 2024

Explore the current challenges and opportunities in the Inland Empire warehouse market, where an oversupply bubble causing downward pressure on rents. Benefit from ind… Read more

Buyers

Q1 2024 Home Price Surge: Analyzing Metro Market Trends 

Lisa Mailhot  |  May 10, 2024

Discover the latest trends in the U.S. housing market with over 90% of metro areas posting price gains in Q1 2024. Learn which regions are seeing the biggest increases… Read more

Buyers

The Power of Diversity: Enhancing Real Estate Growth and Success

Lisa Mailhot  |  May 10, 2024

Discover how diversity can drive innovation, strengthen client relationships, boost team morale, and improve brand reputation in the real estate industry. Embrace the … Read more

Buyers

Unraveling the Top 10 Deal Breakers in Commercial Real Estate

Lisa Mailhot  |  May 9, 2024

Navigating the complex world of commercial real estate can be a minefield, with many possible challenges that can disrupt even the most promising deals. From financing… Read more

Buyers

How MLSs Are Taking the Reins in Enforcing NAR Settlement Changes

Lisa Mailhot  |  May 8, 2024

Discover the pivotal role of Multiple Listing Services (MLSs) in enforcing the latest commission rules set by the National Association of Realtors (NAR). Learn how the… Read more

Buyers

Homeownership Dreams Fading for Renters in Orange County

Lisa Mailhot  |  May 7, 2024

The latest Federal Reserve Bank of New York survey has revealed a stark reality for renters in Orange County and nationwide – the prospect of owning a home is becoming… Read more

Let’s Talk

You’ve got questions and we can’t wait to answer them.