As the sun sets on the summer season, some homeowners may mistakenly assume that the window of opportunity to sell their home has closed. In this extra hot real estate market, nothing can be further from the truth because there are still opportunities to be had for sellers.
What many people don’t realize is that homes listed during the summer are now off the market leaving little to no inventory in many communities. According to the National Association of Realtors (NAR), 51 percent of homes sold in July were on the market for less than a month.
NAR additionally reported that this summer’s historically low inventory sent record homebuyers into packed open houses and created bidding wars because of the exceptional demand. “Listings in the affordable price range are scarce, homes are coming off the market at an extremely fast pace, and the prevalence of multiple offers in some markets are pushing prices higher,” said Lawrence Yun, NAR’s chief economist.
In the month of July, NAR reported that total housing inventory declined 1 percent and is now 9 percent lower than a year ago, and has fallen year-over-year for 26 consecutive months. With so many homebuyers left sitting on the sidelines, it could be the perfect season for home sellers to make their move.
So, is it an opportune time to sell your home? The answer is yes if the time is right for you. However, there is no need to hold off on selling your home just because summer is over. Today, there are buyers looking to move in, just as you are looking to move out.
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