Sell Smart: why rising months supply matters
If you’re thinking of selling your home, it’s important to pay attention to the current market conditions in your area. One important factor to consider is the months supply of homes for sale, which measures the number of months it would take to sell all the homes currently on the market if nothing new came on the market. When the number on the rise, there are several potential benefits to selling your home.
In Shawnee, that number of months is still just 2.2, but that’s up 100% from March of 2022.
A higher months supply of homes for sale often means there is less competition among sellers. With more homes on the market, buyers have more options to choose from, which can make it harder for individual home sellers to stand out (watch video at the end). However, when the months supply of homes for sale is higher, there are fewer buyers relative to the number of homes available, which can give individual sellers a better chance of standing out and attracting offers.
It can also lead to longer marketing times for homes. While this may seem like a negative, it can actually be a positive in some cases. When homes take longer to sell, sellers have more time to prepare their homes for sale and make necessary repairs or upgrades. Additionally, longer marketing times can give sellers more time to find the right buyer and ensure that they get the best possible price for their home.
Overall, when the months supply of homes for sale is on the rise, there are several potential benefits to selling your home. With less competition among sellers, more negotiation power, and longer marketing times, sellers may be able to secure a favorable outcome even in a softer market.