Could this be the sign to take advantage of the housing market and sell your house this year? According to a recent Monthly Housing Market Trends Report from realtor.com, the number of homes for sale increased by 65.5% compared to last year, but home inventory is still below pre-pandemic levels. Real estate agents in Seattle are encouraging people to sell their houses to increase this number and surpass pre-pandemic house sales.
The same report also said that while the number of homes for sale increased, it is still 43.2% lower than before the pandemic from 2017 to 2019. The reason? Not enough homes are up for sale, which is why your house will have a greater chance to be welcomed in the market as an addition to meet home buyers’ demands.
Newly Listed Homes
Let’s take a look at the detailed figures of newly listed homes in the US, January 2023.
- Compared to last year, the number of homes for sale in the Southern region has grown the most, with a 125.3% increase. However, even with this growth, the South’s home inventory remains 24.7% lower than pre-pandemic levels.
- The West region follows with the most growth in home inventory, recording a 114.3% increase compared to last year. Yet, the West’s inventory is only 16% lower than pre-pandemic levels.
- Meanwhile, the Midwest region’s inventory grew by 36.2% and the Northeast region by 23.3% compared to last January. However, inventory in the Midwest is still 38.2% below pre-pandemic levels, and in the Northeast, it is 31.3% below pre-pandemic levels.
With fewer homes available for sale compared to pre-pandemic times, potential buyers are finding themselves with limited options. This frustration is causing some to abandon the home buying process altogether.
However, despite this challenge, current mortgage rates remain lower than their peak last fall. As a result, more buyers are becoming willing to re-enter the home buying process. They simply require available homes to purchase.
Hire a Reliable Real Estate Agent in Seattle
If we’re going to base it on popular opinion, this year is a good time to put your house on the market. Even Fannie Mae’s January 2023 Home Purchase Sentiment Index shows that homeowners who feel like it’s a good time to sell this year increased from 51% to 59%. We believe that there will always be someone out there who thinks that now is the right time to buy a house.
To make a good sale, you need to partner with a good real estate agent that can help you foresee potential problems, has knowledge and expertise in the local real estate market, can maximize the value of your home, and has an established network of real estate professionals that can make the home-selling process easier and smoother.
If you’re a Seattle property owner, you can trust us at Blue Pacific. We’re a residential real estate company that can provide you with exceptional service. Our team of experienced real estate professionals can assist you in selling your home at the highest possible value. Contact us today to schedule a consultation.
