According to Realtor.com’s Housing Shortage Report, the United States is experiencing the worst inventory shortage in 20 years. It’s no secret that the historically low inventory has created a nationwide seller’s market. And since there’s such a demand for homes, sellers are getting more offers…and often selling their homes at higher prices as a result.
According to a recent survey of seller’s agents from the National Association of Realtors, The National Association of Realtors recently surveyed seller’s agents to find out how many offers home sellers received on the properties they sold in December 2017. The agents surveyed reported receiving an average of 2.2 offers, or between two and three offers per property.
So what does this mean? It means the time to sell is now. In December, when buying activity tends to be lower, homes were still fetching multiple offers, which can result in higher selling prices. The number of offers per property will very likely to increase in spring and summer—when home sales typically spike—which means home prices should go even higher.
If you’re thinking about selling, now is the time to do it. The low inventory in markets across the country is creating a buying frenzy that won’t last. And as a seller, it’s in your best interest to take advantage and get the highest price for your home.