How low housing inventory is dramatically affecting our market.
Today, I’d like to address the question: How does housing inventory impact the sale of your house? When navigating the sale of your home, you’re likely balancing market conditions with your own moving plans. A notable factor working in your favor might be the limited number of homes currently available for sale.
Here’s a breakdown of the current situation: the supply of homes for sale is significantly below the norm. When selling something, having a high demand coupled with low supply is advantageous, making the property even more desirable due to its scarcity. This is precisely the scenario in today’s housing market.
“Low inventory means sellers will have less competition. ”
To see just how low inventory is in our market, check out the graph at 0:49 in the video above. Using Realtor.com data, the graph compares the current number of active listings in September to the more typical market conditions. Based on these numbers, it’s clear that inventory is well below the norm. In fact, over the recent weekend in Central Kentucky, 125 new listings hit the market, and 133 went under contract.
Buyers currently have fewer options compared to typical years, which means you could get a great deal if you sell now. Well-priced homes are still in demand, with the average seller receiving multiple offers from eager buyers. According to the latest data from the National Association of Realtors’ Confidence Index, 69% of homes sold in less than a month and received an average of 2.6 offers.
Due to the limited supply of homes for sale, buyers are actively seeking more options, and your house might be exactly what they are looking for. If you’re interested in understanding the value of your home and its potential in the current market, feel free to call or email me. I am always willing to help.
