If you’re considering selling your house in the Capital Region and Hudson Valley Region of New York, it’s crucial to understand the current state of the real estate market. Currently, the number of homes for sale is relatively low, with fewer sellers opting to list their houses compared to the usual market conditions.
Looking back at April data from 2017 onwards, the only year when fewer sellers listed their homes was in April 2020, during the peak of the pandemic when the housing market experienced a temporary slowdown (indicated by the red line in the graph below). In more typical years, approximately 500,000 sellers add their homes to the market in April. However, this year, we observed fewer than 400,000 sellers entering the market in April (see graph below):
Several factors contribute to this trend, but one notable aspect impacting inventory levels is the hesitation among homeowners to move when they have a lower mortgage rate on their current house compared to the prevailing rates for their next home. This situation, known as “rate lock,” influences some sellers’ decisions. According to a recent survey conducted by Realtor.com, 56% of individuals planning to sell in the next 12 months are waiting for rates to decrease before making a move.
While this wait-and-see approach may be suitable for some sellers, it creates an opportunity for more motivated sellers to stand out in the market. If your current house no longer meets your needs and you are ready to make a move, now is the time to seize the chance to differentiate yourself. With fewer sellers putting their homes up for sale, buyers will have limited options, increasing the visibility of your property. Consequently, your house could receive multiple offers as buyers compete for the limited supply of homes for sale, especially if you price it competitively.
As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), emphasizes:
“Inventory levels are still at historic lows… Consequently, multiple offers are returning on a good number of properties.”
To summarize, if you’re ready to sell your house in the Capital Region and Hudson Valley Region of New York, consider taking advantage of the current market conditions by listing your property before others do. By doing so, you position yourself to stand out from the competition and potentially receive multiple offers. To navigate the selling process successfully, it is advisable to partner with a reputable real estate professional who possesses extensive local knowledge and can guide you through the intricacies of selling your home.
Don’t miss the opportunity to make your house shine in a market with limited supply. Connect with a trusted real estate professional today and get your house on the market.