Fall is approaching, School is back in session, the holidays are right around the corner, you might be thinking now is the best time to sell your house? But with inventory below historic numbers and demand still strong, you could be missing out on a great opportunity for your family.
1. Demand Is Strong
The National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase a new home… and are in the market to buy right now!
So, take advantage of the buyer activity in the current marketplace.
2. There Is Less Competition Now
According to the Existing Home Sales Report, the supply of homes for sale is still well under the 6-month supply that is needed for a normal housing market to thrive at 4 to 7-months.
What does this mean? Well, in most areas, there are not enough homes for sale to satisfy the large number of buyers in that marketplace. This is good news for the Sellers setting home prices. However, we may see additional inventory hit the marketplace.
There is a pent-up desire for many homeowners to move, as they were unable to sell over the last few years because of the extreme negative equity situation many homeowners fount themselves in. However, homeowners are now seeing a return to positive equity as real estate values have increased over the last couple of years. In some cases, many of these homes will be hitting the market this fall.
Also, as builders regain confidence in the market, new construction of single-family homes is projected to continue to increase over the next two years, nearly reaching historic levels by 2017. Last month’s new home sales numbers show that many buyers who have not been able to find their dream home within the existing inventory have turned to new construction to fulfill their needs.
The choices buyers have will continue to increase. Don’t wait until all this other inventory of homes comes to market before you sell.
Watch for more information about the current market situation in the NEXT Up and Coming Blog!