The housing market keeps sailing along. The only headwind that could take it off course is the lack of inventory for sale. Nationally There were 410,000 fewer single-family homes for sale this March than in March of 2020. Right here in Tucson there were 2,550 homes for sale in March of 2020 and 849 this year.
The key to continued success in the residential housing market is for more listings to come on the market. However, many homeowners are concerned that selling their homes could be challenging for several reasons.
1. Homeowners don’t know if they’ll be able to secure their next home before selling.
2. Homeowners don’t know if their current home will sell for the asking price or top market price. Tucson’s inventory scarcity is worse than the majority of the US. Bidding wars are at an all-time high. So far in 2021 the average home receives 6 offers and “For the first time ever, the average U.S. home is selling for above its list price. ”If a seller is looking for a top-dollar sale, there’s no better time to sell than right now.
3. Homeowners don’t know if they will get an offer without their home requiring work or updates. Again, leverage is the greatest strength a seller has in this market. Due to the lack of homes for sale, many buyers are more willing to take on home improvement projects themselves in order to get the home they’re after. This means in today’s market pre listing projects less critical to the sale of the house. There’s no doubt Selling your house can be daunting, and having a home to move into is especially important in this fast-paced market. However, this type of market also clearly eliminates a couple other common concerns. For more information about how to navigate these conditions let’s connect today.
