Data from the National Association of
Realtors shows that the time for home owners to put their properties on the
market is now. Information gleaned from the last two reports released by the
NAR shows demand is up and inventory is down, helping to ensure that your home
may sell faster and for more money. Here is a look at the two reports and what
each one reveals about the current housing market.
Existing homes on the market
The report shows that more homes are on the
market today than a year ago. However, with the current prices, that represents
about a 6-7 month supply. The report showed 2.28 million homes for sale. At the
current supply, it is considered a seller's market, but headed towards a
neutral market and even potentially a buyer's market. What will push it in that
direction? More new homes being built, which increase inventory.
As more homes are built, they will push
down the values of existing homes. This is one reason why anyone planning to
sell should do so now.
Pending sales are up
When you look at the pending home sales
report, this tells you about the demand for homes. The numbers are up from
previous months by a large percentage. It is also expected that this trend will
continue for the next several months as mortgage rates stay favorable and more
jobs are created. With more buyers clamoring for homes, they will push prices
up until more new homes hit the market.
For homeowners, this means now may be the
best time to sell your home to get the best price with less competition. For
buyers, now is also good, but it looks to continue to be a great time for the
next several months.
If you are ready to buy a home or sell one and buy a
new property, give me a
call. I can help you move on to the next chapter of your life with the
right place to call home.
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