- The National Association of REALTORS® surveyed their members for their monthly Confidence Index.
- The REALTORS® Confidence Index is a key indicator of housing market strength based on a monthly survey sent to over 50,000 real estate practitioners. Practitioners are asked about their expectations for home sales, prices and market conditions.
- Homes sold in less than a month in 24 out of 50 states, and Washington D.C.
- Homes typically went under contract in 27 days in May!
15,014 Homes Sold Yesterday… Did Yours?
There are some homeowners that have been waiting for months to get a price they hoped for when they originally listed their house for sale. The only thing they might want to consider is… If it hasn’t sold yet, maybe it’s not priced properly. Selling Real Estate
After all, 15,014 houses sold yesterday, 15,014 will sell today and 15,014 will sell tomorrow.
That is the average number of homes that sell each and every day in this country, according to the National Association of Realtors’ (NAR) latest Existing Home Sales Report. NAR reported that sales are at an annual rate of 5.48 million. Divide that number by 365 (days in a year) and we can see that, on average, over 15,014 homes sell every day. Selling Real Estate
The report from NAR also revealed that there is currently only a 3.8-month supply of inventory available for sale, (6-months inventory is considered ‘historically normal’). Selling Real Estate
This means that there are not enough homes available for sale to satisfy the buyers who are out in the market now in record numbers.
If Your Home Hasn’t Sold Yet… Definitely Check the Price!
The residential housing market has been hot. Home sales have bounced back solidly and are now at their fourth highest pace over the past year. Demand has remained strong throughout spring as many real estate professionals are reporting bidding wars with many homes selling above listing price. What about your house? Selling Real Estate
If your house hasn’t sold, it could be the price. Selling Real Estate
If your home is on the market and you are not receiving any offers, look at your price. Pricing your home just 10% above market value dramatically cuts the number of prospective buyers that will even see your house. See chart below.
So Your House Hasn’t Sold? Advice for 2016
The year has drawn to a close, and the property you were trying to sell in 2015 just hasn’t budged. What now? You may naturally be a little disappointed or frustrated, but don’t despair; you still have multiple options. In this article we’ll cover some expert advice on what your next step should be. We will clearly outline your options to help you make the right decision moving into 2016. Selling Real Estate
Taking your House off the Market
You can easily justify this decision, sometimes its important to understand that the market just isn’t quite right at the moment. Of course in most instances at the right price, any property will sell. So if you are serious about moving you and your family may benefit from re-evaluating your current list price before you consider taking your house off the market. However, if you are considering making some improvements to your home in order to increase its desirability, then taking it off the market for a few months can be a good idea. Selling Real Estate