The Perks of Selling Your House When Inventory Is Low
When selling your house, you’re often trying to juggle both the current Kansas City market conditions and your own needs in planning your move. One thing that may work to your advantage is how few homes are currently for sale. What exactly is the current inventory situation, and what does this mean for you?
The Supply of Homes for Sale Is Far Below the Norm
When selling something, you want what you’re selling to be in high demand and low supply. Why? The product becomes even more desirable when there’s not enough to go around. This is what’s happening in the Kansas City housing market right now. More buyers are looking to buy than there are homes for sale.
Just how low is Kansas City’s inventory? Let’s look at the latest information on active listings, or homes available for sale. The graph below uses data from Realtor.com to compare how many active listings there were in September of this year to what’s more usual in the market.
If you look at the last average years for the market (shown in the blue bars) versus the latest numbers for this year (shown in the red bar), it’s evident inventory is still much lower than the norm.
What Does This Mean for You?
There are fewer choices for Kansas City buyers than in typical years. If you sell today, this could mean some great perks for you. With low home supply, homes priced correctly are selling fast. In addition, the average seller is getting numerous offers from eager buyers. The latest data from the Confidence Index from the National Association of Realtors (NAR) is showing:
- 69% of homes sold in less than a month.
- Recently sold homes averaged 2.6 offers.
How does the limited number of houses for sale benefit you? An article from Realtor.com explains:
“. . . homes spent two weeks less on the market this past month than they did in the average September from 2017 to 2019 . . . as still-limited supply spurs homebuyers to act quickly . . .”
With the Kansas City supply of homes for sale so low, buyers are desperately searching for more options. Your house could be just what they’re looking for. Our Just Say Home Team has the expertise to ensure your house is listed properly and correctly priced. Our real estate agents will work to help you sell quickly for the best offer possible.