In the Reno-Sparks market in January 2015 we started the year with 1,600 active listings. The amount of active listings grew steadily through the Spring months and peaked in July 2015 at 2480 active listings. Sellers who listed early in the year benefited from less competition with homes selling faster and many with multiple offers. At the beginning of 2017 the Reno-Sparks market inventory was down again to 1,546 listings. If you want to beat the competition now it the time to list. The Shocket Team can help. Reno-SparksRealEstate.com
It is common knowledge that a large number of homes sell during the spring-buying season. For that reason, many homeowners hold off on putting their homes on the market until then. The question is whether or not that will be a good strategy this year.
The other listings that do come out in the spring will represent increased competition to any seller. Do a greater number of homes actually come to the market in the spring, as compared to the rest of the year? The National Association of Realtors (NAR) recently revealed the months in which most people listed their homes for sale in 2016. Here is a graphic showing the results:
The three months in the second quarter of the year (represented in red) are consistently the most popular months for sellers to list their homes on the market. Last year, the number of homes available for sale in January was 1,820,000.
That number spiked to 2,140,000 by May!
What does this mean to you?
With the national job situation improving, and mortgage interest rates projected to rise later in the year, buyers are not waiting until the spring; they are out looking for a home right now. If you are looking to sell this year, waiting until the spring to list your home means you will have the greatest competition for a buyer.
It may make sense to beat the rush of housing inventory that will enter the market in the spring and list your home today.