Finding a home to buy in today’s housing market, seems to be harder than ever. Prior to the health crisis that hit us a year ago, there was already a shortage of homes for sale. As many homeowners delayed their plans to sell, more buyers aimed to take advantage of record-low mortgage rates to purchase a home, and then housing inventory dropped even further. Experts consider this to be the biggest challenge facing an otherwise hot market while buyers continue to compete for homes. As Danielle Hale, Chief Economist at realtor.com, explains:

“With buyers active in the market and seller participation lagging, homes are selling quickly and the total number available for sale at any point in time continues to drop lower. In January as a whole, the number of for sale homes dropped below 600,000.”

Realtor.com releases new data showing the year-over-year change in inventory of existing homes for sale monthly. As you can see in the map below, nationwide, inventory is 42.6% lower than it was at this time last year:

Does this mean houses aren’t being put on the market for sale?

Not really. Yes, there are fewer existing homes being listed right now, but many homes are simply selling faster than they’re being counted as current inventory. The market is that competitive! The same scenario when everyone was trying to find toilet paper to buy last spring and it was flying off the shelves faster than it could be stocked in the stores. That’s what’s happening in the housing market: homes are being listed for sale, but not at a rate that can keep up with heavy demand from competitive buyers.

In the same realtor.com report, Hale explains:

“Time on the market was 10 days faster than last year meaning that buyers still have to make decisions quickly in order to be successful. Today’s buyers have many tools to help them do that, including the ability to be notified as soon as homes meeting their search criteria hit the market. By tailoring search and notifications to the homes that are a solid match, buyers can act quickly and compete successfully in this faster-paced housing market.”

The Good News for Homeowners

The health crisis has been a major reason why potential sellers have held off this long, however, as vaccines become more widely available, homeowners will start making their moves. Ali Wolf, Chief Economist at Zonda, confirms:

“Some people will feel comfortable listing their home during the first half of 2021. Others will want to wait until the vaccines are widely distributed.”

More homeowners are getting ready to sell later this year, which will put your house on the market sooner rather than later is the best way to make sure your listing shines brighter than the rest.

When you’re ready to sell your house, most likely, you want it to sell as quickly as possible, at the best price, and with little to no hassle. If you’re looking for these selling conditions, it is available in today’s market. The demand is high and inventory is low, which means that sellers have the ability to create optimal terms and timelines for the sale, making now an exceptional time to move.

Bottom Line

Today’s housing market is a definite big win for sellers, however, these conditions won’t last forever. If you’re in a position to sell your house now, you may not want to wait for your neighbors to do the same. Contact My Tampa Agent for advice on how to sell your house safely so you’re able to benefit from today’s high demand and low inventory.

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