A few years ago, inventory hit an all-time low. Almost anything sells and quickly. But now there are many more houses on the market. Listings are above almost 20% since this time last year. And in some areas, supply has even returned to levels we last saw in 2017-2019. For sellers, that means one thing:
Your house needs to stand out and attract attention from day one.
That is especially true if we consider because the number of houses for sale is up. That’s how it works. Available inventory is a combination of:
- Active Listings: Homes that have been on the market, but have not yet sold.
- New listings: houses that just came on the market
Data of real estate agent.com shows that most of the inventory growth lately is actually due to active listings that remain on the market and take longer to sell (see graph below).
Blue bars show active listings. These are the houses that remain idle month after month and are not sold. The green bars are new properties, houses that have just come on the market. And it is clear that there are fewer new listings compared to those remaining on the market unsold.
Since you don’t want your home to be one of those that takes a long time to sell, let’s discuss where things can go wrong and how to prepare to sell quickly.
Why some houses sell and others stay standing
The secret to selling in today’s market is simple. Make sure buyers can easily accept your home as soon as it’s listed.
Price it based on current condition (not what your neighbor sold for 3 years ago). Carry out major repairs. And highlight the best things in your house. If you do, it will sell in any market, sometimes even faster than you think. Because the truth is that homes that are priced right today still sell.
It’s the homeowners who cling to outdated expectations who see their home stand still and their listing become outdated. According red fin and HousingWireThese are some of the most common reasons why sales stagnate:
- Price too high from the beginning
- Repairs needed prior to listing were omitted.
- He didn’t organize the house well.
- The sellers do not negotiate with buyers
- Limited availability for tours
- Ineffective Listing or Marketing Images
Most of those things didn’t matter so much just a few years ago. When inventory was at an all-time low, sellers could skip preparation, lock in their price, and still come away with multiple offers above the asking price.
But today’s market is different now that inventory has increased. And that means your approach needs to be different, too.
You don’t want to try old strategies and aim too high just to see what works. Your first weeks on the market are everything. That’s when your ad gets the most attention and when pricing or presentation errors hurt the most. Get it wrong from the start and your house will sit…and sit. Do it right and it will be snatched from you before you know it.
The Right Agent Helps Your Home Stand Out
Selling quickly is not a matter of luck. It’s about knowing how to act in the market you are in. And that’s where your agent comes into play.
A great agent will analyze your local market, suggest a price based on the latest sold comparables in your neighborhood, and create a marketing plan that will get buyers paying attention from day one. They will also guide you through any repairs you need to make or if you need to hire a prep company. like him National Association of Realtors (NAR) explains:
“Home sellers without an agent are almost twice as likely to say they did not accept an offer for at least three months; 53% of sellers who used an agent say they accepted an offer within a month of listing their home.”
That’s the power of doing it right (and getting expert help) from the beginning.
There are more homes for sale today than just a year ago, but that doesn’t have to work against you.
When your home is priced right, looks good, and is marketed effectively, it will sell. Let’s connect if you want to know how to make that happen in our market this fall.
