“There is no shortage of hopeful, potential buyers, but inventory is historically low.”When the demand for homes is higher than what’s available for sale, it’s a great time for homeowners to sell their house. Here are three ways low inventory can help you win if you’re ready to make a move this fall.
1. Higher PricesWith so many more buyers in the market than homes available for sale, homebuyers are frequently entering into bidding wars for the houses they want to purchase. This buyer competition drives home prices up. As a seller, this can definitely work to your advantage, potentially netting you more for your house when you close the deal.
2. Greater Return on Your InvestmentRising prices mean homes are also gaining value, which drives an increase in the equity you have in your home. In the latest Homeowner Equity Insights Report, CoreLogic explains:
“In the second quarter of 2020, the average homeowner gained approximately $9,800 in equity.”This year-over-year growth in equity gives you the ability to put that money toward a down payment on your next home or to keep it as extra savings.