Why is More Iron County Inventory Better for Home Sellers Too?

The conventional wisdom in real estate is that a bigger inventory of available homes for sale means more competition between sellers, with potentially lower returns as a direct result.

The above graph shows that more homes have been coming onto the Iron County market for some months. However, right now, this is really good news for sellers.

The fact is that, even before the pandemic, inventory levels in our area were an issue and, until very recently, that trend was continuing.

Since the beginning of this year there has been a nationwide trend for more inventory coming onto the market in numbers not seen for some time.

It's something that seems to be gathering pace, as the graph demonstrates, with growing inventory every month since February. We have a good many more houses on the market now than at this time last year.

This is great news for buyers, who've had to cope with severely reduced options when moving home. It's also a reflection of sellers finally accepting that mortgage rates aren't likely to drop any time soon and you can only put off your next move for so long.

It all means that buyer sentiment is up, even though mortgage rates are still high. Listing prices in the area are actually rising and the average sold-to-original-list-price-ratio in the area has been moving steadily upwards since December (it currently stands at just under 97%).

These figures also tell us that sellers are pricing their homes more realistically and at the moment we are seeing a pretty harmonious linkage of more choice for buyers and better prices.

The last thing sellers need is overly cautious buyers, so here's a really strong argument for listing during the summer peak season, while buyer sentiment is so positive.

Why not contact us today to discuss your best options - 435-327-2090.