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In recent months, the low supply of homes for sale has hit a crisis level, leading to severe competition, bidding wars, and driving prices to an all-time high. According to new survey data from realtor.com.
10% of homeowners are planning to put their home on the market this year and an additional 16% are planning to list in 2-3 years, so there’s hope on the horizon for buyers.
More than 50% of the homes which are on the list this year are valued below $350,000, providing some relief for first-time homebuyers.
When Realtor.com surveyed 657 potential home sellers the week of March 29 and found that of those who plan to sell 63% have already listed or plan to list in the next 6 months and 76% have already started the process.
George Ratiu, senior economist at, realtor.com said that generally in a year, close to 8% of the nation’s homes hit the market, but they are expecting about 25% more this year.
This shows that many homeowners who were skeptical during the pandemic are now getting ready, and the inventory of starter homes will begin in a very competitive market.
There was an inventory shortage, even before the pandemic but now COVID-19 made it worse. Even with an increase in new construction, it is going to take some time for the nation to get back to a more balanced state.
People who were planning to put their home on the market in 2-3 years, responded saying they will not list this year because they are not able to find a new home within their budget, leading to a catch-22 for inventory.
Other reasons for homeowners not selling this year includes – indecisive about where they want to move (23%); the current economic situation (22%); planning the buying and selling at the same time (22%), and worrying about home showing during the pandemic (20%).
Almost 91% of potential sellers wanting to sell in the next 2-3 years said that if they knew they could time buying and selling perfectly then they would comfortably list their homes.
37% of homeowners felt they would be motivated to list sooner if they knew that they will make good money on their home sale.
And with the home prices up by 18.7% many homeowners are likely to see a significant profit if they list now.
Rachel Stults, deputy editor for realtor.com said, that as the home prices are at historic highs, it is the best time to sell the home.
Realtor.com is providing tools like – local market stats and the My Home portal, to home sellers to see what their home is worth, and the equity they have, and what they can earn from a sale.
Realtor.com also has many selling options called Seller’s Marketplace where buyers can compare different selling methods and instant offers, sale-leasebacks, and listing with an agent.
Reference Source: Stock Titan
