To Sell or Not to Sell? Reasons to List or Wait in This Spring Housing Market

The spring homebuying season has traditionally been a period of fast-paced activity for buyers and sellers alike, but amid soaring interest rates, a waning supply of for-sale housing, and still-high home prices, a growing number of Americans pressed pause on real estate transactions in March. There were 20.1% fewer homes listed for sale in March 2023 than during the same month a year prior, while the share of home sellers who believe now is a good time to sell fell annually by 18%, according to Realtor.com.

But because home prices are still rising, the housing market currently benefits sellers. The median list price was 6.3% higher in February 2023 than during the same month last year, and in addition, low for-sale supply means greater competition among buyers forging through a volatile spring market. 

“Nationwide, there are just a bit more than half as many homes for sale as were available pre-pandemic,” says [Danielle] Hale.

Part of the reason for this is that people are living in their homes longer; baby boomers who may have downsized in the past are staying put. As a result, homebuyers really just don’t have the selection they used to—and the listings that are up have been lingering longer, growing stale.

This means that any new listings are bound to get a lot of attention, which bodes well for any sellers dipping their toe in the market.

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