Even though activity in the housing market has slowed from the frenzy that was a few years ago, it’s still a seller’s market because the supply of homes in Central CA for sale is so low. But what does that really mean for you as a Central CA homeowner? And why are conditions today so good if you want to sell your Central CA home?
The latest Existing-Home Sales report from the National Association of Realtors (NAR) shows housing supply is still astonishingly low. Housing inventory is measured by the number of available homes on the market. It’s also measured by months’ supply, meaning the number of months it would take to sell all those available homes based on current demand. In a balanced market, there’s usually about a six-month supply.
Today, we have only about 3 months’ supply of homes at the current sales pace
Today, we’re nowhere near what’s considered a balanced market. In fact, the current months’ supply is half of what’s typical of a normal market. That means there just aren’t enough homes to go around based on today’s Central CA buyer demand.
As Lawrence Yun, Chief Economist for NAR, says:
“There are simply not enough homes for sale. The market can easily absorb a doubling of inventory.”
How Does Being in a Seller’s Market Benefit You?
Central CA sellers, these conditions give you a real edge. Right now, there are buyers who are ready, willing, and able to purchase a home. And, because there’s a shortage of homes up for sale, the ones that do hit the market are like magnets for those buyers.
If you work with a local Central CA real estate agent to list your home right now, in good condition, and at the right price, it could get a lot of attention. You might even end up with multiple offers. Today’s seller’s market sets you up with a big advantage when you sell your house. Because supply is so low, your house will be in the spotlight for motivated buyers who are craving more options. Connect with a local real estate agent so you understand what’s happening in your area as you get ready to enter the market. If you’ve thought about selling, contact us today! Let’s discuss your goals, your timeline, and a plan of action, to make those goals a reality as soon as possible.
Jasmine Duncan
Your Local Lake Nacimiento Real Estate Expert
Oak Shores Realty
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