If your market is starved for inventory, you can offer potential sellers some data-driven food for thought that might encourage them to put their home on the market. These figures from the REALTORS® Confidence Index Survey in June show a strong housing rebound and paint a bright picture for sellers.
$140K: The median equity homeowners have built in the last eight years. The median home price has risen from $155,600 in February 2012 to $295,300 now. That’s a potential windfall for sellers at resale.
24: The median days on market. The long-term trend shows that low inventory has increased the speed of sales, which means sellers can move on to the next chapter of their lives in relatively short order.
69%: The percentage of sales contracts that settled on time. With closing delays plaguing relatively few transactions, sellers can have confidence that the continued challenges of the pandemic likely won’t impede their selling timeline.
3: The average number of offers each sold home received. Increasing bidding wars mean sellers have a good chance of receiving more than their list price.
$1,036: The median monthly mortgage payment, which compares favorably with the median rent of $1,055.
Source: National Association of REALTORS®