Logo
Oct 16, 2022

Perspective Matters When Selling Your House Today

Realtor shaking hands with young couple

Does the latest news about the housing market have you questioning your plans to sell your house? If so, perspective is key. Here are some things to keep in mind that a Realtor® would be happy to talk more in depth to you about. It’s still a sellers’ market even if things are cooling down[1].


Fewer Homes for Sale than Pre-Pandemic

While the supply of homes available for sale has increased this year compared to last, we’re still not near what’s considered a balanced market. According to the latest reported figures on OneKey MLS from September 2022, the NY Regional area served currently has a 3-month supply of homes, up from 2.5 last month. When there is 6-month inventory of homes for sale, it is considered a balanced market.


A recent article from Calculated Risk[2] helps put this year’s increased inventory into context (See below):

Housing supply is still historically low graph

The chart shows that supply this year has surpassed 2021 levels nationally by over 30%. But the further back you look, the more you’ll understand the big picture. Compared to 2020, we’re just barely above the level of inventory seen then. Back in 2019, considered a normal year in real estate, we’re roughly 40% below the housing supply we had at that time.


Why does this matter to you? When inventory is low, there is demand for your house because there aren’t enough homes available for sale.


Homes Are Still Selling Faster Than More Typical Years

While homes aren’t selling as quickly as they did a few months ago, the average number of days on the market is still well below pre-pandemic norms – in large part because inventory is so low. The graph below uses data from the Realtors’ Confidence Index[3] by the National Association of Realtors (NAR) to illustrate this trend:

Homes selling faster than pre-pandemic graph

As the graph shows, the pre-pandemic numbers (in blue) are higher than the numbers seen during the pandemic (in green). That’s because the average days on market started to decrease as homes sold at record pace during the pandemic. Most recently, due to the cooldown in the housing market, the average days on market have started to tick up slightly at a national scale (shown in orange) but are still far from pre-pandemic norm.


What does this mean for you? While it may not be as fast as it was a couple of month ago, homes are still selling much faster than they did in more normal, pre-pandemic years. And if you enlist a Realtor® to help you price it right, your home could still go under contract quickly.


Bottom Line

If you have questions about selling your house in today’s market, speak with a Realtor®, your local real estate expert. They’ll provide you with context about what’s happening now, locally, regionally, and nationally, so you’re up to date on what you can expect when you’re ready to move.

You may be interested in:

A cardboard box with the words moving day written on it

Innovative Strategies for a Seamless Spring Move: 5 Secrets for Moving Success

01 Apr, 2024
As spring approaches, many homeowners gearing up to sell their homes face the daunting task of moving. However, with some innovative strategies and the right supplies, you can make the process smoother and more efficient. Here are five tips tailored specifically for home sellers embarking on a spring move:
A magnifying glass is sitting on top of a table next to two small houses.

How Much is My Home Worth in Today’s Market?

01 Apr, 2024
As spring approaches and the real estate market begins to bloom, homeowners gearing up to sell their homes are undoubtedly eager to secure the best offer possible. The key to achieving this lies in understanding how real estate agents value properties and determine listing prices. Here's a glimpse into the process:
A family stands in front of a house for sale sign

Facts about Closing Costs that Homebuyers Need to Know

01 Apr, 2024
Before making the decision to buy a home, it’s important to plan for all the costs you’ll be responsible for. While you’re saving for the down payment for your new home, don’t forget you’ll need to prepare for closing costs too.
a boy is sitting on a man 's shoulders looking at a house.

Maximizing Curb Appeal: Your Ultimate Guide to Selling Your Home in the Spring Market

19 Mar, 2024
As the spring market approaches, prospective home sellers are gearing up to showcase their properties in the best possible light. One of the most crucial aspects of attracting potential buyers is curb appeal – the first impression your home makes from the street. Here's your comprehensive guide to preparing your home for the spring market and maximizing its curb appeal:
a little girl in a floral dress is running through a sprinkler.

Sprinkler System Success: Step-by-Step Guide

19 Mar, 2024
Testing a sprinkler system is crucial to ensure proper functionality and efficient irrigation for your lawn and garden. Here's a step-by-step guide on how to test your sprinkler system:
a woman is holding a piggy bank and a sign that says buy rent .

First Apartment Finances: A Beginner’s Guide to Budgeting

19 Mar, 2024
Stepping into the world of renting your first apartment is an exciting milestone, but it can also be daunting, especially when it comes to figuring out your budget. As a prospective renter who's new to living on your own, establishing a realistic budget is essential for ensuring financial stability and peace of mind. Here's a beginner's guide to help you navigate the process:
a beagle dog is running in the grass with a stick in its mouth .

Home Maintenance Checklist for March

01 Mar, 2024
Following an annual maintenance routine helps homeowners avoid costly repairs, property damage, and keeps home a happy, healthy, and safe place for family and visitors alike.
a man is piggybacking a woman in a cardboard box

4 Homebuying Mistakes and How to Avoid Them

01 Mar, 2024
If you’re in the market for a new home, avoid these 4 homebuying mistakes to optimize your experience and set yourself up for success. How do you know if you’re ready to buy? Ask yourself these questions to find out if you’re ready to be a homeowner.
a man in a suit holds a clipboard while standing next to a woman

Get Expert Advice for Your Big Move

01 Mar, 2024
No matter what stage of life you’re in, buying or selling a home is a big decision. When you’ve made big decisions in the past, what have you done? You’ve probably done some research on your own, and then asked for advice and guidance from someone you consider to be extremely knowledgeable. Big decisions lead to big changes and moving is no exception. There are a lot of factors at play when deciding on new living arrangements. You need insights from experts to help you feel confident and make the right choice.
Show More
Share by: