{"id":7706,"date":"2022-02-24T11:00:09","date_gmt":"2022-02-24T11:00:09","guid":{"rendered":"https:\/\/thezakariagroup.com\/the-1-reason-to-sell-your-house-today\/"},"modified":"2022-02-24T11:00:09","modified_gmt":"2022-02-24T11:00:09","slug":"the-1-reason-to-sell-your-house-today","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/the-1-reason-to-sell-your-house-today\/","title":{"rendered":"The #1 Reason To Sell Your House Today"},"content":{"rendered":"
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Almost every industry is currently struggling with supply chain disruptions. This also applies to the current U.S. housing market, where buyer demand far exceeds housing supply.<\/span><\/p>\n Purchaser demand is very strong right now. The National Association of Realtors<\/em> (NAR) just released their latest Existing Home Sales Report<\/em><\/a> which reveals that sales surged in January. Existing home sales rose to a seasonally adjusted annual rate of 6.5 million \u2013 an increase of 6.7% from the prior month, with sales up in all regions. However, there\u2019s one big challenge.<\/p>\n Because purchaser demand is so high, the market is running out of available homes for sale. The above-mentioned report states that the current months\u2019 supply of inventory of homes for sale has fallen to 1.6 months. This prompts Lawrence Yun, Chief Economist at NAR, to say:<\/p>\n \u201cThe inventory of homes on the market remains woefully depleted, and in fact is currently<\/strong> at an all-time low<\/strong>.\u201d<\/em><\/p>\n<\/blockquote>\n Earlier this month, realtor.com<\/em> released their inventory data<\/a> for January. It helps confirm this point. Here\u2019s a graph comparing inventory levels for January over the last six years:<\/p>\n <\/a><\/p>\n As the graph shows, new listings coming on the market have decreased over the last four years (shown in blue in the graph<\/em>). The graph also reveals that carry-over inventory has plummeted in recent years. This is because listings are now sold so quickly, they don\u2019t stay on the market long enough to carry over month-to-month (shown in green in the graph<\/em>). In other words, homes are not staying on the market for months as they had prior to the pandemic. In the report mentioned above, NAR reveals that:<\/p>\n \u201cSeventy-nine percent of homes sold in January 2022 were on the market for less than a month<\/strong>.\u201d<\/em><\/p>\n<\/blockquote>\n Odeta Kushi, Deputy Chief Economist at First American<\/em>, explains<\/a> it like this:<\/p>\n \u201cA higher velocity of sales (lower [Days on Market]) helps to explain a housing market characterized by both higher sales & lower inventory. Many resale transactions are happening so quickly that they \u2018flow\u2019 in & then out of the \u2018stock\u2019 between the fixed monthly measurement of inventory.\u201d<\/em><\/p>\n<\/blockquote>\n Anyone thinking of putting their home on the market shouldn\u2019t wait. A seller will always negotiate the best deal when demand is high and supply is limited. That\u2019s exactly the situation in the real estate market today.<\/p>\n Later this year, inventory (and by extension, your competition) will increase as many homeowners are waiting to put their homes on the market in the spring and early summer.<\/p>\nInventory Is at an All-Time Low<\/strong><\/h4>\n
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What Does This Mean for Sellers?<\/strong><\/h4>\n