Between low inventory and rising interest rates, many sellers are holding off on selling their homes in hopes that the real estate market will have more favorable conditions. However, sellers don’t realize that limited inventory is actually something that can work in your favor.
Let’s look at a few benefits of selling your home when there’s limited inventory available.
One of the biggest benefits is since there are limited homes available, buyers are more likely to make an offer on your home. Many buyers have been unable to find their perfect home and are more motivated to secure one. As long as your home is priced right and in a good area, you will likely receive multiple offers on your property.
Supply and demand are at play in a low inventory market, which usually means higher sale prices. Many sellers can sell their homes for more money, leading to higher returns on investment. Appraisals are becoming more favorable because there are fewer comparable homes in the area to validate pricing.
Buyers are all attempting to secure homes from the same limited inventory, meaning they’re willing to do what it takes to win the home in multiple offers. This gives sellers leverage to negotiate the best terms and ensure they get the best deal. Buyers are generally willing to meet the seller’s terms for price, condition, inspections, and more, as long as it wins them the home.
If your home is priced right, the chances of it sitting on the market long are slim. This is great for sellers because not only does the home close sooner, but they have a more streamlined process, with less back-and-forth and fewer showings to prepare for.
The market is still favorable for sellers! Wondering if now is the best time for you to sell? Reach out to us! We would love to offer our expertise and answer any questions you might have about the market!