Is This A Good Year To Sell Our House?
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If one of the questions you are asking yourself today is, “Should I sell my house this year?” the current Housing Opportunities and Market Experience (HOME) Survey from the National Association of Realtors® (NAR) should lift your confidence, because it correlates to the present selling sentiment in the housing market. Even with all the overload of information in the media circling around talk of a possible recession, the upcoming 2020 election, and more, Americans feel positive about selling a house now. That’s some news to get excited about!
As the graph below displays, as of Q4 2019, 75% of people surveyed indicate that they think now is a good time to sell a home:
In the case of those with an annual income of $100,000 or more, the results surged even higher, coming in at 82% positive sentiment.
When the study divided the outcomes by region, the results still consistently showed Americans feeling good about selling:
Northeast: 71% positive
Midwest: 76% positive
South: 72% positive
West: 81% positive
Besides just looking at income and region, the report also divided the results by generation, as shown in the graph below:
As you can see, many believe that, despite everything going on in the world, it is still a good time to sell a home.
According to NAR, the unsold supply of houses available today “sits at a 3.0-month supply at the current sales pace,” which is down from a 3.7-month supply in November. The current inventory is half of what we need for a normal or neutral housing market, which should have a 6.0-month supply of unsold inventory. This is decent news for sellers, as Lawrence Yun, Chief Economist at NAR, says:
“Home sellers are positioned well, but prospective buyers aren’t as fortunate. Low inventory remains a problem, with first-time buyers affected the most.”
If you are ready to list your home, you can feel positive about the current sentiment in the housing market. Get together today with a Licensed Real Estate Agent to figure out the best next step when it comes to selling your house this year.