There’s no denying the housing market is undergoing a shift this season here in the Tulsa Metro as buyer demand slows and the number of homes for sale grows. But that shift actually gives you some unique benefits when you sell. Here’s a look at the key opportunities you have if you list your house this fall.
Opportunity #1: You Have More Options for Your Move
One of the biggest stories today is the growing supply of homes for sale. Housing inventory has been increasing since the start of the year, primarily because higher mortgage rates helped cool off the peak frenzy of buyer demand. But what you may not realize is, that actually could benefit you.
If you’re selling your house to make a move, it means you’ll have more options for your own home search. That gives you an even better chance to find a home that checks all of your boxes. So, if you’ve put off selling because you were worried about being able to find somewhere to go, know your options have improved.
Opportunity #2: The Number of Homes on the Market Is Still Low
Just remember, while data shows the number of homes for sale has increased this year, housing supply is still firmly in sellers’ market territory. To be in a balanced market where there are enough homes available to meet the pace of buyer demand, there would need to be a five to six months’ supply of homes. According to the latest report from the National Association of Realtors (NAR), in July, Nationally there was only a 3.3 months’ supply. But let’s dive into our local market here in the Tulsa Metro area. Today we have 3,978 home on the market in the Greater Tulsa Association of Realtors MLS. Last year at this time we had 3,661 homes on the market, which means here in the Tulsa Metro area our inventory has increased roughly 8%. Now if we dig into the numbers just a little bit more, we see that in September of 2020, prepandemic there was 6,406 homes on the market. So what I am telling you is even though there is more inventory coming to the market we are still roughly 38% lower than we were prepandemic. So when you see the headlines that houses are losing value or the market is going to crash that just isn’t accurate. There is a shifting, there is a softening, there is a rebalancing, but the numbers still show a sellers’ market and definitely not a crash.
So while you’ll have more options for your own home search, inventory is still low, and that means your home will still be in demand if you price it right. That’s why the most recent data from NAR also shows the average home sold in July still saw multiple offers and sold in as little as 14 days. In the past week, I have had two homes go under contract in the first few days above the list price with multiple offers. I will caveat that both of the sellers followed my advice and partnered with me to get their home show ready and trusted my pricing suggestions. That is not always the case and when it is not there is a difference in the outcome for sellers.
Opportunity #3: Your Equity Has Grown by Record Amounts
The home price appreciation the market saw over the past few years has likely given your equity (and your net worth) a considerable boost. Danielle Hale, Chief Economist at realtor.com, explains:
“Home owners trying to decide if now is the time to list their home for sale are still in a good position in many markets across the country as a decade of rising home prices gives them a substantial equity cushion . . .”
If you’ve been holding off on selling because you’re worried about how rising prices will impact your next home search, rest assured your equity can help. It may be just what you need to cover a large portion (if not all) of the down payment on your next home.
Bottom Line
If you’re thinking about selling your house this season, I invite you to reach out to me Sabrina Shaw, here at Homes by Sabrina brokered. by eXp Realty, as we are always here to guide and serve. Connecting with an agent with expert insights gives you the most opportunities to make the best possible move today here in the Tulsa, Oklahoma area.