Across the country, home sellers are strutting out of closing offices with wide grins on their faces and fat checks in their hands. By every measurable metric, it’s a seller’s market. If you have a home to sell today, you can plan on not only getting OVER market price for your property but also selling it in record time. More buyers are hunting for houses than there are listings to satisfy them, causing bidding wars among would-be owners and driving up home prices by 20%.
So, it begs the question. With so much to gain, why aren’t more sellers listing their properties?
Many sellers hesitated to list their homes at the start of the year due to concerns over the pandemic and the economy. Others were worried that with the low housing inventory, they would be unable to find a replacement home. Homebuilders who could normally be relied upon to add to the housing inventory supply are working through their own pandemic-related challenges. Labor and material shortages, runaway price increases, and supply chain disruptions are all making it challenging for home builders to meet the demand of would-be buyers.
The good news for those hoping to find a place to buy is that sellers appear to be finally getting the message that NOW is a good time to sell. According to a recent realtor.com survey, one in ten homeowners plans to sell this year, with 63% of those looking to list within the next 6 months.
Birmingham is already starting to see a slight improvement in overall listing volume. The April Birmingham Residential Metro Market Report reveals that listings have improved by 9.65% over this time last year and that more listings hit the market in April than in March. While just a small drop in the bucket, this is a sure sign of shifting seller behavior. May’s results aren’t in yet, but industry insiders are watching it closely. And it looks promising! This summer, homebuyers may just have a few more enticing properties to add to their showing schedules.
As for would-be home sellers? If you’ve got your sights on selling this year, adding your address to the shortlist of properties for sale is likely to net you a tidy sum in record time.