If you need assistance, please call 971-208-5093

Thinking of Selling Your House? Now May be the Right Time

Monday, July 20, 2020   /   by Amy McLeod

Thinking of Selling Your House? Now May be the Right Time

20200720-KCM-Share.jpg?

Inventory is arguably the biggest challenge for buyers in today’s housing market. There are simply more buyers actively looking for homes to purchase than there are sellers selling them, so the scale is tipped in favor of the sellers. 

According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), total housing inventory is down 18.8% from one year ago. Inventory is well below what was available last year, and the houses that do come to the market are selling very quickly. 

Sam KhaterChief Economist at Freddie Mac notes: 

“Simply put, new housing supply is not keeping up with rising demand. We estimate that the housing market is undersupplied by 3.3 million units, and the shortage is rising by about 300,000 units a year. More than half of all states have a housing shortage.” 

Why is inventory so low? 

There are many reasons why it’s hard to find a home to buy today, stemming from an undersupply of newly constructed homes to sellers pressing pause on their moving plans due to the current health pandemic. One of the key factors making it even more challenging, however, is the amount of time current homeowners are staying in their homes. There has truly been a fundamental shift in the market that started about 10 years ago: people are staying put longer, and it’s contributing to the shortage of houses for sale. 

In the 2019 Profile of Home Buyers and Sellers, NAR explained: 

“In 2019, the median tenure for sellers was 10 years…After 2008, the median tenure in the home began to increase by one year each year. By 2011, the median tenure reached nine years, where it remained for three consecutive years, and jumped up again in 2014 to 10 years.” 

As shown in the graph below, historical data indicates that staying in a home for 5-7 years used to be the norm, until the housing bubble burst. Since 2010, that length of time has trended upward, toward 9-10 years, largely due to homeowners aiming to recoup their equity: 



Thankfully, with the strength the market has gained over the last 10 years, today’s homeowners are in a much better equity position. Now is a fantastic time for homeowners who are ready to make a move to break the 10-year trend and sell their houses, especially while buyer demand is so 
high and inventory is so low. It’s a prime time to sell. 

In addition, with today’s historically low interest rates, there’s an opportunity for sellers to maintain a low monthly payment while getting more house for their money. Think: move-up opportunity, more square footage, or finding the features they’re really looking for rather than doing costly renovations. With more new homes poised to enter the market this year, homeowners ready to make a move may have a golden opportunity to do so right now. 

Bottom Line 

There are simply not enough houses for sale today. If you’re ready to leverage your equity and sell your house, contact The McLeod Group Network today. It’s a great time to move while demand for homes to buy is extremely high. (971) 208.5093 or admin@mgnrealtors.com 

By: KCM Crew 


  amy mcleod, mcleod group network, homeowners, home sellers, selling a house, home values

The McLeod Group Network - KW Capital City
Amy McLeod
1900 Hines St SE, Suite 220
Salem, OR 97302
971-208-5093
Lighthouse Home Loans.png

Lighthouse Mortgage
Phil Gerstner
110 Wallace Rd. NW
Salem, OR 97304
503-871-4968
NMLS# 291931

Traci Benjamin
Churchill Mortgage
Sales Manager, AVP
traci.benjamin@churchillmortgage.com
NMLS 111736
Direct: 503-751-2288
Cell: 503-932-5511

image001 (2).png

Aaron Memmott
Finance of America
Mortgage Advisor
amemmott@financeofamerica.com
NMLS# 1048117
Direct: (503) 718-9876
Cell: (503) 551-1115
Fax: (855) 639-2956

Caliber Home Loans logo.jpg

Elizabeth Smith
Caliber Home Loans
elizabeth.smith@caliberhomeloans.com
NMLS# 228191
Cell: 503-910-0415
eFAX: 844-538-4687

© 2020 Willamette Valley Multiple Listing Service. All rights reserved. The data relating to real estate for sale comes in part from the Willamette Valley Multiple Listing Service. Information contained on this site is deemed reliable but not guaranteed.
This site powered by CINC: www.cincpro.com