Is now a good time to sell your home? Yes. Currently, the number of homes for sale is low due to the lack of inventory. This is great for sellers because you will get more exposure from potential buyers.
If we look back at every April since 2017, the only year with fewer listings was April 2020, when the pandemic hit. Typically, about 500,000 people list their homes for sale in April. This year, there are fewer than 400,000 sellers listing their homes for sale in April.
There are a few factors contributing to this trend — low inventory due to homeowners who are reluctant to move because the mortgage rate on their current house is lower than the rate they could get on their next house. That is called Rate Lock.
A survey from Realtor.com shows that 56% of people who are planning to sell in the next 12 months say they’re waiting for mortgage rates to come down.
While this wait-and-see approach might be right for some sellers, it also creates an opportunity for other sellers to gain more exposure to their homes for sale.
Multiple Offers are Coming Back
If you have outgrown your home, or it doesn’t fit your needs anymore and you’re ready to move, don’t miss this chance to stand out when you sell your home. When fewer sellers put their homes up for sale, buyers will have fewer options. You will get more showings on your house. That’s why your house could see multiple offers as buyers compete over the limited supply of homes for sale – especially if you price it right.
Lawrence Yun, Chief Economist at the National Association of Realtors said, “Inventory levels are still at historic lows . . . Consequently, multiple offers are returning on a good number of properties.”
Downers Grove Real Estate Company
If you’re looking for a Downers Grove real estate company and are ready to sell your home now, you can beat the competition and have more buyers looking at your home. Your house should stand out and could get multiple offers. Give Team Wenzel a call at (630) 430-4790 and we can help you get your home market ready.
Wenzel Select Properties is located at 4941 Main Street in Downers Grove, Illinois, in the Western Suburbs of Chicago. You can contact Wenzel Select Properties at 630.430.4790.
We are a leading real estate company with a proven track record. Feel free to read testimonials from our clients. If you need real estate assistance, contact Wenzel Select Properties at 630.430.4790. Our success is measured by your home buying and home selling success!