Don’t Wait To Sell Your House
Yes, we are in the ultimate sellers’ market right now. If you’re a homeowner thinking about selling, you have a huge advantage in today’s housing market especially here on Florida’s Space Coast.
High buyer demand and very few houses for sale in Brevard makes this the optimal time to sell for those who are ready to do so.
Here’s an overview of what’s creating the prime opportunity to sell this summer.
High Buyer Demand
Demand is strong, and buyers are actively searching for homes to purchase. In the Realtors Confidence Index Survey published monthly by the National Association of Realtors (NAR), buyer traffic is considered “very strong” and the average home for sale today receives five offers from hopeful buyers.
These increasingly frequent bidding wars can drive up the price of your house, which is why high demand from competitive homebuyers is such a win for this summer’s sellers.
Low Inventory of Houses for Sale
Purchaser demand is so high, the market is running out of available homes for sale. In Brevard, there are 66% fewer homes for sale compared to this time last year.
“The buying frenzy will be less with more inventory coming on the market in the future as buyers will have more homes to pick from,” says Jennifer McCoy, of McCoy Freeman Real Estate serving all of Florida’s Space Coast.
“Rising interest rates could also cause less buyer demand as well,” says McCoy.
Unsold inventory sits at a 1-months’ supply at the current sales pace. This is far lower than the historical norm of a 6.0-months’ supply. Homes are essentially selling as fast as they’re hitting the market.
Below is a graph of the existing inventory of single-family homes for sale
At the same time, homebuilders are increasing construction this year, but they can’t keep up with the growing demand. While reporting on the inventory of newly constructed homes, the U.S. Census Bureau notes:
“The seasonally‐adjusted estimate of new houses for sale at the end of April was 316,000. This represents a supply of 4.4 months at the current sales rate.”
What Does This Mean for You?
If you’re thinking of putting your house on the market, don’t wait. A seller will always negotiate the best deal when demand is high and supply is low. That’s exactly what’s happening here on Florida’s Space Coast.
Bottom Line
As vaccine rollouts progress and we continue to see the economy recover, more houses will come to the market. Don’t wait for the competition in your neighborhood to increase. If you’re ready to make a move, now is the time to sell. Let’s connect today to get your house listed at this optimal moment in time.