If you’re trying to decide whether or not to sell your house, this is the time to think seriously about making a move. Fannie Mae’s recent Home Purchase Sentiment Index (HPSI) reveals the number of respondents who say it’s a good time to sell is higher now than it was over the past few summers. Today, the majority of consumers, 75 percent, say it’s a good time to sell a house.
Why is sellers sentiment up year-over-year?
The higher good time to sell sentiment has to do with today’s market conditions, specifically low housing supply and high buyer demand. In the simplest terms, we don’t have enough houses available for sale to meet buyer demand.
According to the latest data from the National Association of Realtors (NAR), we’re still firmly in a sellers’ market because housing supply is well below a balanced norm (shown in the graph below).
Clearly, the scales are tipped in a seller’s favor today. But while housing supply is undeniably low, the right side of the graph shows how the inventory situation is improving little by little each month as more sellers list their homes for sale.
As a seller, that means each month, buyers have more options to pick from. By extension, that means your house may get less buyer attention with time. Danielle Hale, Chief Economist for realtor.com, explains it like this:
“More homeowners continue to list homes for sale compared to a year ago… Notably, while new listings continue to lag behind a more ‘normal’ 2019 pace, the gap is shrinking. Even though homes continue to sell quickly thanks to high demand and limited supply, new listings are subtly shifting the balance of market conditions in favor of buyers.”
So, what’s that mean for you?
If you’ve been waiting for the perfect time to sell, there may not be a better chance than right now. Inventory is gradually increasing each month, so selling sooner rather than later will help you maximize your home’s potential.
I can provide you a market update of your town! As of July 2021 compared to July 2020:
YTD sales were up in Fairfield (+13.8%), Easton (+8.1%), Norwalk (+16.8%), Westport (+13.9%), Weston (+13.4%) and Wilton (+40.5%).
YTD average sales price was up in Fairfield (+21%), Easton (+41%), Norwalk (+24%), Westport (+27%), Weston (+43%) and Wilton (+26%).
In Fairfield the average sale price was $940K (+21%)
In Easton the average sale price: $790K (+41%)
In Norwalk the average sales price $765K (+24%)
In Westport the average sale price: $1,863K (+27%)
In Weston the average sales price: $1,179K (+43%)
In Wilton the average sales price: $1,057K (+26%)
If you’re planning to sell your house, 2021 is still the year to do it. The unique mix of low supply and high demand won’t last forever.
You can find me on the web, YouTube under Jennifer Lockwood Homes or Instagram @jennifer.lockwood.homes where we can connect to discuss what you need to do now to sell your house and take advantage of this sellers’ market.