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Each year, most homeowners wait until the spring to sell their houses because they believe that they can get a better deal during the normal spring buyer’s market. However, recently released data suggests that a seller’s best deal may be available right now and in this short video, I will be sharing why now might be the best time to sell your home.
So if you are considering selling your home here in Idaho, now might be the best time to bring it to the market.
The concept of ‘supply & demand’ reveals that the best price for an item will be realized when the supply of that item is low and the demand for that item is high. So how does supply and demand apply to our current residential real estate market?
So let's talk about the supply of homes available right now:
It is no secret that the supply of homes for sale has been far below the number needed for over a year. A normal market requires six months of housing inventory to meet the demand. The latest report from the National Association of Realtors(NAR) revealed that there is currently only a 4.2-month supply of homes available and here in Idaho and the Treasure Valley, in many price points, this level is even lower.
So the supply of homes is low but how is the demand for housing in Idaho?
It's not hard to see that everyone is moving to our area and home builders can't keep up with this demand. A report that was just released also shows that demand is very strong. The most recent Foot Traffic Report (which sheds light on the number of buyers out looking at homes) disclosed that there are more buyers right now than at any other time in the last twelve months. This includes more buyers looking at homes right now than at any time during last year’s spring market.
So Here's The Bottom Line:
Waiting until the spring to list your house for sale made sense in the past. This year is different. The best deal is probably available right now.
If you are thinking of selling your home and or buying a new home, give us a call today at 208-501-8200. We would love to learn more about your housing goals and can further help you understand how this market may work in your favor. You can also visit our website to check the value of your home right now. Thanks for watching our videos and we look forward to hearing from you!