If you’re considering selling your Smith Mountain Lake home, now may be the right time as the supply of homes for sale is low.
Despite the possibility of a seasonal increase in inventory, active listings across the nation have reached a new low for 2023.
However, at Smith Mountain Lake, there are currently 36 lakefront homes on the market, compared to 27 during the same time last year, but the area is still experiencing a seller’s market.
The National Association of Realtors confirms that today’s housing inventory is low, as evidenced by the months’ supply of homes on the market. Typically, a balanced market requires a six-month supply, and anything lower favors the seller. Currently, lakefront homes are selling in 47 days, compared to 34 days in 2022.
Why Does Low Inventory Make It a Good Time To Sell?
When there is less inventory on the market, the seller faces less competition, and the house receives more attention from potential buyers. Since there are more buyers than homes for sale, sellers may even receive multiple offers on their homes.
Although the market still favors sellers, it is not as frenzied as it was a couple of years ago. Therefore, it is crucial for sellers to make their homes as attractive as possible to appeal to as many buyers as possible.
Buyers can also enjoy lower mortgage rates as we move into the spring buying season.
Although there may be short-term challenges associated with owning a home, the long-term benefits outweigh them. Building wealth through homeownership takes time, and the sooner you start, the better.
If you wait to buy and continue renting, you will miss out on monthly housing payments going toward building your home equity.
Freddie Mac puts it this way: “Homeownership not only builds a sense of pride and accomplishment, but it’s also an important step toward achieving long-term financial stability.”
Find Out Your Home’s Market Value
If you’re interested in finding out what your home is worth in today’s market, I encourage you to contact me or a member of my team. We’ll use our experience and expertise to create a complimentary market analysis.
Enjoy springtime at beautiful Smith Mountain Lake!
~ Deb
