Housing inventory levels are at historic lows in our market, which creates a unique opportunity for home sellers this year.
Buying in Southeast Michigan? Perform a full home search
Selling in Southeast Michigan? Get a free Home Price Evaluation
Housing inventory levels have continued to drop over the past 12 months. In fact, we have historically low inventory levels right now.
Five to seven months of inventory is considered a neutral or balanced market. For the past 60 days, we have had less than four months of inventory available on the market.
If you compare the fourth quarter of 2016 to the fourth quarter of 2015, inventory is down across the board. We need as many home sellers as possible to enter the market now. Most homeowners want to wait another 60 to 90 days to put their homes on the market. However, if you want to wait until spring, you need to realize that your competition is waiting to do the same thing.
Every year, the second quarter gets the most listings on the market. If you wait until April, May, or June to list your house, then you will be on the market at the same time as everyone else.
“
”
You should put your home on the market before the second quarter.
”
Right now, homes are selling in an average of 55 days. The average for our team is 45 days. You can definitely sell your house now before the rest of the competition enters the market.
Even Jonathan Smoke, the chief economist at Realtor.com, says, “In most markets, most years, the optimal time to list is in the spring so that the maximum number of potential buyers view the home. This year, the conventional wisdom of buying and selling may need to change. Inventory levels at the beginning of 2017 are at multi-year lows. Sellers now face very little competition.”
If a chief economist says that you don’t want to wait until the second quarter, then you know that you should get your house on the market as quickly as possible.
If you have any other questions about housing inventory or if you are interested in selling your home, give us a call or send us an email. We would be happy to help you!
