Any time we sell something, anything, we usually want to get the best price possible. When does that situation usually happen? When there’s a strong demand for something and a limited supply of it.
Selling a house is no different. That balance of Demand vs Supply is particularly true for the housing market and for real estate, that time of high demand and low supply is now. So, if you’re thinking of selling your house this year, especially in Metro Phoenix, here are some reasons why now is the time to list your home.
Demand Remains Very Strong
Spring is typically the best time to sell. Although we’re not quite there yet, the home shopping season is already in full swing. Data shows that this past December was the most active December in five years.* And, there’s no sign of it letting up any time soon. Remember, you want to sell when the demand is high, and demand is very high right now.
Housing Supply is Extremely Low
The most recent report from realtor.com shows that this past January, the number of active listings is the lowest we’ve seen in any January since 2017 (see below)**
Don’t forget that the best time to sell is when there’s a limited supply. The current ratio of buyers to sellers favors sellers more than any other time in history. With buyer demand high and supply low, sellers clearly have a great opportunity.
How Did We Get Here and Where is it Going
Builders have been under-building for years. COVID-19 caused supply chain shortages and existing materials supplies were soon depleted causing builders to slow down even more. Add to this the high demand for housing as many people started working remotely, allowing them the freedom to move to better climates (like the Phoenix area) and you have the current strong seller’s market.
List Your Home with the Donnelly Group
Although most experts agree that the housing market will continue to favor sellers for a while, eventually things will balance out. If you agree that the best time to sell is when demand is high and supply is low, contact the Donnelly Group at 480-792-9700 or by email. We would love to list your home and help you get top dollar for your property!