The Spring Housing Market Could Be a Sweet Spot for Ocean County Sellers
If you’re considering selling your home, it’s critical to understand the current real estate market dynamics. The market has been volatile over the last few years due to pressures associated to the epidemic, but it’s starting to return to some form of normalcy.
The biggest challenge in the housing market is how few homes there are for sale compared to the number of people who want to buy. That’s why, if you’re’ thinking of selling your house, this is a great time to do so.
While the number of homes for sale is increasing, it is still significantly lower than it was prior to the pandemic (2017-2019). In other words, there are fewer homes available to buy on a typical day now than there were a few years ago.
The other challenge is that mortgage interest rates are going up once more and are hovering around the 7 percent mark (as of early March). This reality is increasing the cost of mortgage payments and pushing some potential buyers away.
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Historically, spring and summer are usually the best times of year to sell a house. But beyond seasonality, there are many factors that might make selling your home a wise decision. Often the reasons are based on financial calculations, cost of living expenses and other considerations, but one of the main factors that make selling your home the right choice is low inventory. A shortage of housing inventory drives up demand and prices for available homes. What’s more, when housing supply is low, homes on the market tend to sell faster.
Today’s low inventory means were still in a seller’s market. So, if you want to take advantage of this sweet spot, spring could be your opportunity.
Some Highlights
- The biggest challenge in the housing market is how few houses there are for sale compared to the number of people who want to buy.
- The number of homes for sale is up from last year but below pre-pandemic numbers, and that means we’re still in a sellers’ market.
- The housing market needs more homes for sale to meet the demand of today’s buyers.
Bottom Line
Deciding to sell your home is a major decision that requires careful consideration. Your future plans and goals should be a significant part of the equation, as well as your financial needs and the realities of the current market. If you decide to proceed with listing your home, working with an experienced Realtor is a smart move. A real estate agent who knows your community well can help you price a home effectively, which will increase the chances of a quick and smooth sale.
Karl Hess provides expert real estate services to residential buyers and sellers in Ocean County. Contact us today for more information on Ocean County Real Estate and for professional assistance navigating this complex home market.