Perspective Matters When Selling Your House Today

Does the latest news about the housing market have you questioning your plans to\[sell your house](https://www.simplifyingthemarket.com/2022/09/29/if-youre-thinking-of-selling-your-house-this-fall-hire-a-pro/?a=713258-9a8342bcf821027012880bf1d7cccbf7)? If so, perspective is key. Here are some of the ways a trusted real estate professional can explain\[the shift](https://www.simplifyingthemarket.com/2022/09/14/is-the-real-estate-market-slowing-down-or-is-this-a-housing-bubble/?a=713258-9a8342bcf821027012880bf1d7cccbf7) that’s happening today and why it’s still a sellers’ market even during the cooldown. #### Fewer Homes for Sale than Pre-Pandemic While the supply of homes available for sale has increased this year compared to last, we’re still nowhere near what’s considered a balanced market. A\[recent article](https://www.calculatedriskblog.com/2022/10/housing-october-10th-weekly-update.html) from _Calculated Risk_ helps put this year’s increased inventory into context (_see graph below_): [](https://files.simplifyingthemarket.com/wp-content/uploads/2022/10/12105728/20221013-MEM-Eng-1.png?a=713258-9a8342bcf821027012880bf1d7cccbf7) It shows supply this year has surpassed 2021 levels by over 30%. But the further back you look, the more you’ll understand the big picture. Compared to 2020, we’re just barely above the level of inventory we saw then. And if you go all the way back to 2019, the last normal year in real estate, we’re roughly 40% below the housing supply we had at that time. _Why does this matter to you?_ When inventory is low, there is still demand for your house because there just aren’t enough homes available for sale. #### Homes Are Still Selling Faster Than More Normal Years And while homes aren’t selling as quickly as they did a few months ago, the average number of days on the market is still well below pre-pandemic norms – in large part because inventory is so low. The graph below uses data from the \[Realtors’ Confidence Index](https://cdn.nar.realtor/sites/default/files/documents/2022-08-realtors-confidence-index-09-21-2022.pdf) by the _National Association of Realtors_ (NAR) to illustrate this trend: [](https://files.simplifyingthemarket.com/wp-content/uploads/2022/10/12105722/20221013-MEM-Eng-2.png?a=713258-9a8342bcf821027012880bf1d7cccbf7) As the graph shows, the pre-pandemic numbers (_shown in blue_) are higher than the numbers we saw during the pandemic (_shown in green_). That’s because the average days on the market started to decrease as homes sold at record pace during the pandemic. Most recently, due to the cooldown in the housing market, the average days on the market have started to tick back up slightly (_shown in orange_) but are still far below the pre-pandemic norm. _What does this mean for you?_ While it may not be as fast as it was a couple of months ago, homes are still selling much faster than they did in more normal, pre-pandemic years. And if you price it right, your home could still go under contract quickly. #### Buyer Demand Has Moderated and Is Now in Line with More Typical Years Buyer demand has softened this year in response to rising \[mortgage rates](https://www.simplifyingthemarket.com/2022/09/27/how-an-expert-can-help-you-understand-inflation-mortgage-rates/?a=713258-9a8342bcf821027012880bf1d7cccbf7). But again, perspective is key. Getting 3-5 offers like \[sellers](https://www.simplifyingthemarket.com/2022/09/21/top-reasons-homeowners-are-selling-their-houses-right-now/?a=713258-9a8342bcf821027012880bf1d7cccbf7) did during the pandemic isn’t the norm. The graph below uses \[data](https://cdn.nar.realtor/sites/default/files/documents/2022-08-realtors-confidence-index-09-21-2022.pdf) from NAR going back to 2018 to help tell the story of this shift over time (_see graph below_): [](https://files.simplifyingthemarket.com/wp-content/uploads/2022/10/12105724/20221013-MEM-Eng-3.png?a=713258-9a8342bcf821027012880bf1d7cccbf7) Prior to the pandemic, it was typical for homes sold to see roughly 2-2.5 offers (_shown in blue_). As the market heated up during the pandemic, the average number of offers skyrocketed as record-low mortgage rates drove up demand (_shown in green_). But most recently, the number of offers on homes sold today (_shown in orange_) has started to return to pre-pandemic levels as the market cools from the frenzy. _What’s the takeaway for you?_ Buyer demand has moderated from the pandemic peak, but it hasn’t disappeared. The buyers are still out there, and if you \[price your house](https://www.simplifyingthemarket.com/2022/08/09/selling-your-house-your-asking-price-matters-more-now-than-ever/?a=713258-9a8342bcf821027012880bf1d7cccbf7) at current market value, you’ll still be able \[sell your house](https://www.simplifyingthemarket.com/2022/09/19/will-my-house-still-sell-in-todays-market/?a=713258-9a8342bcf821027012880bf1d7cccbf7) today. ### Bottom Line If you have questions about selling your house in today’s housing market, let’s connect. That way you have context around what’s happening now, so you’re up to date on what you can expect when you’re ready to move. Posted by [Ryan Drowne](https://www.thedavidgreengroup.com/blog/author/ryandrowne/) on October 14th, 2022 Enjoy this blog post? 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