The number of homes for sale is playing a big role in today’s housing market. And, if you’re considering whether or not to list your house, today’s limited supply is one of the biggest advantages you have right now. That’s because your house stands out more when the inventory is low, especially if it’s priced right.

But the supply of homes for sale is growing. According to the latest data from Realtor.com, new listings (homeowners who just put their house up for sale) are trending up (see graph below):

This graph shows more homeowners are putting that sale sign up in their yards compared to the same time last year. As Realtor.com says:

“. . . sellers turned out in higher numbers this March as newly listed homes were 15.5% above last year’s levels. This marked the fifth month of increasing listing activity after a 17-month streak of decline.”

What This Means for You

If you’ve been putting off selling your house, maybe it’s time to start thinking about it again – before your neighbors do. While we’re not going to suddenly have a surplus of homes for sale, each house that pops on the market in your area runs the risk of pulling buyer attention away from yours.

For example, if your neighbor gets in on the action and lists their house too, it means you’ll have competition right next door. You don’t want buyers to tour your house and fall in love with someone else’s. You want yours to be in the spotlight.

A great agent can make that happen. They’ll help you get your house ready to list, draw attention to everything today’s buyers are looking for, and help you price it right. That way buyers are really drawn to your listing and eager to make it their home.

If you’re ready and able to sell now, here’s your chance to get the best of both worlds. Since the supply of homes for sale is growing, you’ll have more options for your own move. But you’ll also be able to sell while your house will still stand out.

Bottom Line

Even though inventory is still low, you don’t want to wait for more competition to pop up in your neighborhood. Connect with a local real estate agent to go over the perks of selling before more homes come to the market.

Thinking about selling your house? If you are, you might be weighing factors like today’s mortgage rates and your own changing needs to figure out your next move.

Here’s something else to consider. According to the latest Home Purchase Sentiment Index (HPSI) from Fannie Mae, the percent of respondents who say it’s a good time to sell is on the rise (see graph below):

Why Are Sellers Feeling so Optimistic?

One reason why is because right now is traditionally the best time of year to sell a house. A recent article from Bankrate says:

“Late spring and early summer are generally considered the best times to sell a house. . . . While today’s rates are relatively high, low inventory is still keeping sellers in the driver’s seat in most markets.”

These are the seasons when most people move. That means buyer demand grows. And because there still aren’t enough homes for sale to meet that demand, sellers see some serious perks. According to Rocket Mortgage:

“Homes that are listed at the end of spring and the beginning of summer typically sell faster at a higher sales price.”

What Does This Mean for You?

More sellers are coming to realize conditions are ripe for a move. And that’s one reason why we’re seeing more homeowners put their homes up for sale. If you think you might want to get in on the action, it’s a good idea to start preparing.

A local real estate agent can help you get your house ready by offering advice on how best to fix it up and make it appealing to buyers in your area.

They also know if you list during the peak buying seasons of spring and early summer, you might sell quickly and for a higher price.

Bottom Line

If you list during the spring and early summer, you might sell your house quickly and for a higher price. When you’re ready to make the most of today’s seller’s market, get in touch with a local real estate agent.

If you’ve got a move on your mind, you may be wondering whether you should wait to sell until mortgage rates come down before you spring into action. Here’s some information that could help answer that question for you.

In the housing market, there’s a longstanding relationship between mortgage rates and buyer demand. Typically, the higher rates are, you’ll see lower buyer demand. That’s because some people who want to move will be hesitant to take on a higher mortgage rate for their next home. So, they decide to wait it out and put their plans on hold.

But when rates start to come down, things change. It goes from limited or weak demand to good or strong demand. That’s because a big portion of the buyers who sat on the sidelines when rates were higher are going to jump back in and make their moves happen. The graph below helps give you a visual of how this relationship works and where we are today:

As Lisa Sturtevant, Chief Economist for Bright MLS, explains:

“The higher rates we’re seeing now [are likely] going to lead more prospective buyers to sit out the market and wait for rates to come down.”

Why You Might Not Want To Wait

If you’re asking yourself: what does this mean for my move? Here’s the golden nugget. According to experts, mortgage rates are still projected to come down this year, just a bit later than they originally thought. 

When rates come down, more people are going to get back into the market. And that means you’ll have a lot more competition from other buyers when you go to purchase your next home. That may make your move more stressful if you wait because greater demand could lead to an increase in multiple offer scenarios and prices rising faster.

But if you’re ready and able to sell now, it may be worth it to get ahead of that. You have the chance to move before the competition increases.

Bottom Line

If you’re thinking about whether you should wait for rates to come down before you move, don’t forget to factor in buyer demand. Once rates decline, competition will go up even more. If you want to get ahead of that and sell now, talk to a real estate agent.