How Seller's Win When Inventory is Low
Bend Real Estate Market Report
We have seen a slow and steady upward trend of housing inventory since June of this year. There are more houses available than there were last spring. That's encouraging for buyers who may have paused their search months ago because they had trouble finding a home. However, inventory levels remain historically low. In Bend we have just over a one month supply.
As a result, homeowners ready to sell have a significant advantage. Here are three ways today’s low will set you up for a win when you sell this season.
1. Higher Prices
With so many more buyers in the market than homes available for sale, homebuyers are frequently getting into bidding wars for the houses they want to purchase. According to the latest data from the National Association of Realtors (NAR), homes are receiving an average of 3.7 offers in today’s market. This buyer competition drives home prices up. As a seller, this certainly works to your advantage, potentially netting you more for your house when you close the deal.
2. Greater Return on Your Investment
Rising prices mean homes are also gaining value, which increases the equity you have in your home. This year-over-year growth in equity gives you the ability to sell your house and then put that money toward a down payment on your next home, or to keep it as extra savings.
3. Better Terms
In a seller's market like we have today, you’re in the driver’s seat if you make a move. You have the power to sell on your terms, and buyers are more likely to work with you if it means they can finally land their dream home.
So, is low housing inventory a big deal?
Yes, especially if you want to sell on your terms. Moving now while inventory is so low is key to maximizing your opportunities.
Current Bend Area Market Trends:
Median home price: $645,000
Change in median home price since October 2020: 19%
Median number of days on the market: 8
Months of Inventory: 1.17
Average Sales Price/ Listing Price: 98%