Thinking of selling your home this year? There are a number of reasons you should consider selling sooner than later. As Spring is fast approaching, a large number of other homes will go up for sale. This increase of inventory will influence the price of your home. The price of any item (including residential real estate) is determined by ‘supply and demand.’ If many people are looking to buy an item and the supply of that item is limited, the price of that item increases. Come Spring, home prices may fall due to an increase in supply.
Growing supply of homes during Spring
According to the National Association of Realtors (NAR), the supply of homes for sale dramatically increases every spring. As an example, here is what happened to housing inventory at the beginning of 2017:
Putting your home on the market now instead of waiting for increased competition in the spring might make a lot of sense.
Why sell your home now?
Buyers in the market during the winter months are truly motivated purchasers. They want to buy now. With limited inventory currently available in most markets, sellers are in a great position to negotiate.