Is Now a Good Time to Sell?

The Emerald Coast, we’ve seen this steady fall in both Okaloosa and Walton counties. In some sectors, like condos and townhomes, the drop in inventory has been a relief. We had too much inventory and not enough buyers for a long time. For Okaloosa County single family homes, inventory has fallen drastically and has created a shortage in some price points.

 

So is now a good time to sell? According to the quarterly Housing Opportunities and Market Experience (HOME) survey from the National Association of Realtors (NAR), sellers seem to think so. Over 70 percent of homeowners have said now is a good time to sell, up from the previous quarter when 69 percent said it was a good time.

 

Low Inventory Means Higher Prices

 

Housing inventory has fallen nationally from the year before for more than two years. Here on When inventory is low and buyers are looking, a seller with a great home in a good location at the right price can sell easily. Buyers compete for these homes which can result in multiple and higher offers (although there is no guarantee of this). In some cases, a buyer jumps on a new listing as soon as it hits the market. A home goes under contract so quickly other buyers never have the chance to make an offer.

 

This competition among buyers can and does drive prices up, increasing the value of neighboring homes. It’s possible that this is why homeowners are feeling more confident about selling. For owners looking to move to another area or scale down in size, listing your home right now could produce extremely positive results. If, however, you need to move up in size or want to move to a newer or better neighborhood, affordability is becoming an issue across the country.

 

Housing Affordability

 

On a national level, the belief that it’s a good time to sell isn’t necessarily translating into more homes being listed on the market. This is due, in part, to housing prices going up making it harder for sellers to find a new home to buy. That being said, the survey found that 80 percent of current homeowners feel like now is a good time to buy.

 

According to Lawrence Yun, chief economist of NAR, extremely low inventory is part of the reason for a lack of affordability. If more inventory is added for buyers, prices may come down a little. As a seller, you may think this is a problem but in fact, affordable prices help sellers, too. If housing is unaffordable in an area, buyers will look elsewhere, stagnating sales in the local area.

 

Back to the original question…is it a good time to sell? For homeowners who know they can afford to buy a new home or with a current property that’s highly desirable, the answer is like “Yes.” Until more inventory hits the market, stabilizing prices so they’re affordable for more buyers, the answer could be, “Maybe.” If you’re thinking of selling your home, let’s talk about your situation, your home, and your plans for after you sell. You may have more options than you realize.