Kitsap Housing Inventory Update and Why It Makes Sense to Sell Your House This Holiday Season
If you’re one of the many homeowners thinking about taking your house off the market for the holidays, hang on. You definitely don’t want to miss the great selling opportunity you have right now. Here’s why this month is the optimal time to make sure your house is available for holiday buyers.
The latest Existing Home Sales Report from The National Association of Realtors (NAR) shows the inventory of houses for sale has dropped to an astonishing all-time low. It now sits at a 2.5-month supply at the current sales pace.
In Kitsap County for the Week of 12-9-2020, we’re seeing extremely low residential housing inventory of 0.57 months overall in Kitsap. Some rapidly growing areas like Poulsbo (0.19) and Port Orchard (0.34 & 0.61) are even tighter. That’s good news for seller’s, and challenging for home buyers. It’s a great time to list to sell during the holidays, and with low interest rates, its still a good time to buy.
Check out the local Kitsap Housing Inventory Update below for specific areas. Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market, in which there are enough homes available for active buyers (See graph below).
When the supply of houses for sale is as low as it is today, it’s much harder for buyers to find homes to purchase. This means competition among purchasers rises and more bidding wars take place, making it essential for buyers to submit very attractive offers.
As this happens, prices rise and sellers are in the best position to negotiate deals that meet their ideal terms. So, if your neighbors decide to remove their listings this season, your house may quickly rise to the top of a holiday buyer’s wish list if you stay on the market.
Today, there are many buyers who are ready, willing, and able to purchase. Record-low mortgage rates and a year filled with unique changes have prompted buyers to think differently about where they live and to take action. The supply of homes for sale is not keeping up with this high demand, making now the optimal time to sell your house.
Home prices are appreciating in today’s sellers’ market. Making your home available over the next few weeks will give you the most exposure to buyers who will be actively competing against each other to purchase it.
If you need assistance in selling or buying in the Kitsap or Jefferson County, WA areas, feel free to give me a call at (360) 774-1623 and I would be happy to assist in your home selling or home buying needs.