The Big Advantage If You Sell This Spring
Anne-Britt of Mountain Rose Realty is one of the most experienced and successful real estate professionals in Telluride, Colorado. Currently, the housing market is in a strong sellers' market with inventory at an all-time low. This presents an unparalleled opportunity for homeowners looking to sell their properties quickly and with great returns.
“. . . the big question is whether we are finally starting to see the seasonal spring increase in inventory. The answer is no, because active listings fell to a new low last week for 2023 . . .”
The National Association of Realtors (NAR) confirms today’s housing inventory is low by looking at the months’ supply of homes on the market. In a balanced market, about a six-month supply is needed. Anything lower is a sellers’ market. And today, the number is much lower:
“Total housing inventory registered at the end of February was 980,000 units, identical to January and up 15.3% from one year ago (850,000). Unsold inventory sits at a 2.6-month supply at the current sales pace, down 10.3% from January but up from 1.7 months in February 2022.”
Why Does Low Inventory Make It a Good Time To Sell?
The less inventory there is on the market when you sell, the less competition you’re likely to face from other sellers. That means your house will get more attention from the buyers looking for a home this spring. And since there are significantly more buyers in the market than there are homes for sale, you could even receive more than one offer on your house. Multiple offers are on the rise again (see graph below):
If you get more than one offer on your house, it becomes a bidding war between buyers – and that means you have greater leverage to sell on your terms. But if you want to maximize the opportunity for a bidding war to spark, be sure to lean on your expert real estate advisor. While we’re still in a strong sellers’ market, it isn’t the frenzy we saw a couple of years ago, and today’s buyers are focused on the houses with the greatest appeal. Clare Trapasso, Executive News Editor at Realtor.com, explains:
“Well-priced, move-in ready homes with curb appeal in desirable areas are still receiving multiple offers and selling for over the asking price in many parts of the country. So, this spring, it’s especially important for sellers to make their homes as attractive as possible to appeal to as many buyers as possible.”
If you’ve been waiting for the right time to sell your house, low inventory this spring sets you up with a big advantage.
An expert advisor like Anne-Britt of Mountain Rose Realty can help homeowners make sure their house stands out among the competition by focusing on pricing it right and presenting it to potential buyers at its best possible condition.
With current conditions being so favorable to sellers, now may be the optimal time for those who wish to take advantage of this unique opportunity before anyone else does! Reach out to a local real estate professional today to make sure your house is ready to sell.
For expert assistance with selling in the Telluride area, consider Anne-Britt of Mountain Rose Realty. With her extensive knowledge and expertise, she will help you capitalize on today’s strong sellers’ market!