Does the latest news about the housing market have you questioning your plans to sell your house? If so, perspective is key. Here are some of the ways a trusted real estate professional can explain the shift that’s happening today, and why it’s still a sellers’ market, even as the market is normalizing. While the supply of homes available for sale nationally has increased this year compared to last, we’re still nowhere near what’s considered a balanced market.
On a national level, the supply of homes for sale this year has surpassed 2021 levels by over 30%. But the further back you look, the more you’ll understand the big picture. Compared to 2020, we’re just barely above the level of inventory we saw then. And if you go all the way back to 2019, the last normal year in real estate, we’re roughly 40% below the housing supply we had at that time.
Locally in Linn and Benton counties, new listings from January through September 2022 decreased 13.2% compared to the same period last year whereas the days on market increased slightly from 49 to 52 days.
Why does this matter to you? When inventory is low, there is still demand for your house because there just aren’t enough homes available for sale.
Homes Are Still Selling Faster Than More Normal Years: And while homes aren’t selling as quickly as they did a few months ago, the average number of days on the market is still well below pre-pandemic norms-in large part because inventory is so low.
That’s because the average days on the market started to decrease as homes sold at a record pace during the pandemic. Most recently, due to the normalization in the housing market, the average days on the market have started to tick back up slightly but are still far below the pre-pandemic norm.
What does this mean for you? While it may not be as fast as it was a couple of months ago, homes are still selling much faster than they did in more normal, pre-pandemic years. And if you price it right, your home could still go under contract quickly.
Buyer Demand Has Moderated and Is Now in Line with More Typical Years: Buyer demand has softened this year in response to rising mortgage rates. But again, perspective is key. Getting 3-5 offers like sellers did during the pandemic isn’t the norm.
Prior to the pandemic, it was typical for homes sold to see roughly 2-2.5 offers on average. As the market heated up during the pandemic, the average number of offers skyrocketed as record-low mortgage rates drove up demand. But most recently, the number of offers on homes sold today has started to return to pre-pandemic levels as the market cools from the frenzy.
What’s the takeaway for you? Buyer demand has moderated from the pandemic peak, but it hasn’t disappeared. The buyers are still out there, and if you price your house at the current market value, you’ll still be able to sell your house today.
Bottom Line: If you have questions about selling your house in today’s housing market, connect with a Town & Country Realty Broker today. That way you have context around what’s happening now, so you’re up to date on what you can expect when you’re ready to move. Call us today at 541-757-1781 in Corvallis and 541- 924-5616 in Albany. You will be glad you did!
Source: Keeping Current Matters and WVMLS Domus Analytics, month ending September 2022. Disclaimer: The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Town & Country Realty does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Town & Country Realty will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.