Beating the Competition: Selling Your House in West Michigan at the Right Time
If you’re considering selling your house in West Michigan, it’s important to note that the current number of homes for sale is relatively low. This season, fewer sellers are listing their houses for sale compared to the usual trend.
Looking back at every April since 2017, the only year with fewer sellers listing their homes was in April 2020, when the pandemic struck and caused a slowdown in the housing market (highlighted in red in the graph below). In more typical years, around 500,000 sellers add their homes to the market in April (nationwide). However, this year, we observed fewer than 400,000 sellers entering the market in April (see graph below):
While various factors contribute to this trend, one significant reason for the low inventory is that some homeowners are hesitant to move when the mortgage rate on their current house is lower than what they could secure for their next house. This situation is commonly referred to as rate lock.
According to a recent survey by Realtor.com, 56% of individuals planning to sell in the next 12 months are waiting for rates to decrease.
While adopting a wait-and-see approach might be suitable for some sellers, it also presents an opportunity for more motivated sellers to enter the market right now.
If your current house no longer meets your needs and you’re ready to make a move, don’t miss this chance to stand out. When fewer sellers are putting their homes up for sale, buyers will have limited options, providing you with an opportunity to attract more attention to your house. Consequently, you may receive multiple offers as buyers compete for the limited supply of homes for sale—especially if you price it appropriately.
If you’re prepared to sell now, seize the advantage over the competition before they enter the market. By doing so, your house will have a better chance to stand out and may attract multiple offers. Reach out to Jenna Pope, your trusted realtor in West Michigan, to get your house market-ready and make the most of this opportune time.
