If you have been paying any attention to the housing market, or even the news in general, in 2023, then you probably know that things are a little chaotic right now. Federal rates have gone up significantly, driving up home prices along with them. Selling a home is already complicated enough, so when the market is as volatile as it is now, Central New York sellers may be hesitant to list their homes.
What is Low Inventory?
First, let’s talk about housing inventory. It simply means the supply of homes listed for sale. When inventory is high, the demand from buyers tends to be lower. When inventory is low, as it is in CNY right now, that means the buyers who are looking for homes are facing more competition.
That is great news if you want to sell your home and make as much money as possible for the next stage of life.
Why Sell Now?
I get it, the higher interest rates on mortgages are concerning to you. Rather than preparing to buy a new house under those higher rates by selling your current home, you would prefer to just hang on to the property you already have, which likely has lower monthly payments.
The problem is you could miss out on the potential for a great deal on your current home. When inventory is low, the buyers who DO want to purchase homes at this time have heavier competition if they plan to outbid other buyers. When your house is one of the few on the market, and it is priced well, then you could receive multiple offers very quickly from competing buyers. There are currently more buyers in the Greater Syracuse area than there are homes to go around.
The result could be a bidding war that drives up the price of your home. At the very least, you can price your home a little higher since you know that buyers do not have a lot of options on the market.
Another perk of selling when inventory is low is that your house is unlikely to stay on the market for long. Since there are plenty of buyers and a low supply of houses, you will probably see offers come in rather quickly, making it easier to move forward with your plans for buying the next house.
Getting A Head Start With Your Next Home
The low supply of homes in CNY means you have less competition with other sellers. My passion is helping people achieve their homeownership goals, which might mean selling your current home to fund the next one that better fits with any lifestyle changes going on.
I’ll work with you to set a fair price on your home so that you get more bang for your buck from the sale. Then, when you need a down payment for the next home, you will be well funded from selling your house in a low-inventory market.
Still unsure if it is the right time to sell? Are you trying to figure out how to price your home to get the best deal? I am ready to be in your corner so that your next phase of life starts on the right foot. Give me a call so we can figure out a timeline that works for you!