At first glance, the increase in housing supply compared to last year may not sound like good news for prospective sellers, but it actually gives you two key opportunities in today’s housing market.
An article from Calculated Risk helps put the inventory gains the national market has seen in 2022 into perspective by comparing it to recent years (see graph below). It shows supply has surpassed 2021 levels by 58 percent. But the further back you look, the more you’ll understand the bigger picture. And if you go all the way back to 2019, the last normal year in real estate, we’re roughly 35 percent below the housing supply we had at that time. See view the latest Staten Island, N.Y., housing stats, click here.
Opportunity #1: Take Advantage of More Options for Your Move
If your current house no longer meets your needs, or lacks the space and features you want, this inventory growth gives you even more opportunity to sell and move into the home of your dreams. With more houses on the market, you’ll have more to choose from when you search for your next home.
Partnering with a Staten Island real estate professional can help you make sure you’re up to date on the homes available in your area. And when you do find the one, a professional can advise you on how to write a winning offer.
Opportunity #2: Sell While Inventory Is Still Low Overall
But again, despite the growth, inventory is still low compared to more normal years, and that isn’t going to change overnight. For you, that means your house should still be in demand among potential buyers if you price it right.
As an article from realtor.com says:
“Today’s shoppers generally have more homes to consider than last year’s shoppers did, but the market is still not back to pre-pandemic inventory levels.”
Bottom Line
If you’re a homeowner looking to sell, you have more homes to choose from and can still sell your house while inventory is low overall. Connect with a Staten Island real estate professional — a Realtor member of the Staten Island Board of Realtors® (SIBOR) — to get started, so you can have the best of both worlds.
The information contained, and the opinions expressed in articles, videos, or infographics posted or shared by the Staten Island Board of Realtors® (SIBOR) are not intended to be construed as investment advice. SIBOR does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. SIBOR will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
