If you are one of the many homeowners thinking about taking your house off the market for the holidays. You definitely do not want to miss the great opportunity you have right now to sell your house this season. Here’s why this month is the optimal time you should sell your house this holiday season.
Existing Homes For Sale Are Low
With the latest Existing Home Sales Report from The National Association of Realtors (NAR) shows the inventory of houses for sale has dropped to all-time lows this year. It now sits at a 2.5-month supply of homes at the current sales pace nationally. For Connecticut we are at a 2.8-month and in my town of Southbury, CT we are at a 2.6 month supply of single family homes for sale.
Usually, a 4-6-month supply is necessary for a ‘balanced’ or ‘neutral’ market, in which there are enough homes available for active buyers; anything less than 4 is considered a sellers market and more than 6 a buyers market. (See graph below):
Reason Why You Should Sell Your House This Holiday Season
When the supply of houses for sale is as low as it is today, it is much harder for homebuyers to find homes to purchase. This means competition among homebuyers rises and more bidding wars take place, making it essential for buyers to submit very attractive offers.
As this happens, prices rise and sellers are in the best position to negotiate deals that meet their ideal terms. So, if your neighbors decide to remove their listings this season, your house may quickly rise to the top of a holiday buyer’s list if you stay on the market.
Today, there are many buyers who are ready, willing, and able to purchase. Record-low mortgage rates and a year filled with unique changes have prompted buyers to think differently about where they live and to take action. The supply of homes for sale is not keeping up with this high demand, making now the optimal time to sell your house.
Home prices are appreciating in today’s sellers market. Making your home available over the next few weeks will give you the most exposure to buyers who will be actively competing against each other to purchase it.
I am committed to the real estate market to make sure you have all the information you need to make your next move. Review all the information I have put together for you here on my website. If you would like more information on any issues of concern as well please contact me. I look forward to hearing from you. Have a great day.