If you’re thinking about selling your home for sale in Ocean Beach, you shouldn’t wait any longer. If you do, it could cost you. Thanks to low inventory and high demand, your home could be the gold that buyers have been mining for! Here’s what we mean by that.
The Connection Between Inventory and the State of the Housing Market
Housing inventory is measured based on how many months of supply there is given the current pace of the market. If there are four to six months of supply, this is usually considered a balanced market. If the supply is seven months or above, the market is more geared towards buyers because the options for them are plentiful. If the number of months of supply falls below four, the inventory is low so buyers have to scramble and put their offers in quickly and most likely above asking price to get the home they want. This makes it a seller’s market.
2021’s Housing Inventory
That is exactly where we find ourselves in 2021. In March, there were just 1.07 million units for sale in the country which would be 2.1 months of supply in the current housing market. April brought inventory up slightly to 1.16 million homes for sale which would be 2.4 months of supply. April was also the 23rd straight month of year-over-year decline for inventory. The overarching trend is that inventory is low.
The Benefits of Low Inventory for the Seller
Low inventory causes a train reaction. It means your Ocean Beach home for sale will create greater interest for buyers and more buyers will make offers on your home. When more offers are at play, it drives up the price of the home. So if you want to ensure you are getting top dollar for your home, the best thing you can do to sell when inventory is down.
Navigate Low Inventory by Working with the Horton Realty Team
Your house is exactly what at least one buyer (but probably many buyers!) has been looking for. If you want to make sure that you are setting up your home for sale in Ocean Beach for success, you need the right real estate professionals on your side. Let the Horton Realty Team be your guide! We help buyers end their search for their dream home in this low inventory time.