Every summer, families across the country decide if this will be the year they sell their current house and move into their dream home.
Mortgage rates have hovered around 4% for all of 2017, forcing buyers off the fence and into the market, resulting in incredibly strong demand RIGHT NOW!! At the same time, inventory levels of homes for sale have dropped dramatically as compared to this time last year.
Trulia reported that “U.S. home inventory has tumbled 8.9% over the past year and has now fallen for nine consecutive quarters.” There is now 20% less inventory than there was five years ago.
Here is a chart showing the decrease in inventory levels by category:
Demand for your home is very strong right now while your competition (other homes for sale) is at a historically low level. If you are thinking of selling in 2017, now may be the perfect time.
#1 Reason to List Your House for Sale, NOW!
If you are debating listing your house for sale this year, here is the #1 reason not to wait! selling real estate
Buyer Demand Continues to Outpace the Supply of Homes for Sale
The National Association of REALTORS’ (NAR) Chief EconomistLawrence Yun recently commented on the inventory:
“Last month’s dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2 percent, and new and existing inventory is not keeping up with the fast pace homes are coming off the market.
Demand is easily outstripping supply in most of the country and it’s stymieing many prospective buyers from finding a home to purchase”. Ask Keith Your local Agent about selling real estate
The latest Existing Home Sales Report shows that there is currently a 4.2-month supply of homes for sale. This remains lower than the 6-month supply necessary for a normal market, and 4.6% lower than a year ago.
The chart below details the year-over-year inventory shortages experienced over the last 12 months: selling real estate
4 Tips To Get That Home Sold ASAP
When homeowners ask how to get a home sold, there is typically more to the question. For instance, some really want to know how to get it sold quickly, some are wondering how to sell a home to get more money out of it while others have a home languishing on the market and just want to know how to get the thing sold.
There’s no mystery to getting a home sold; it all starts with basic real estate principles and practices. selling real estate
It’s important to know the current trends in your local real estate market before putting your home up for sale. Is it a buyer’s market – where there are more homes available than buyers? Or is it a seller’s market, with few homes available and lots of buyers?
Your local newspaper most likely covers your regional real estate market but this is also information you can obtain by asking your real estate agent.
This information is important for several reasons: selling real estate
• If you can afford to wait to sell your home, the current market may be the deciding factor as to whether you sell it now or wait.
• It helps you price your home appropriately. selling real estate
• It gives you an idea of what to expect during the time the home is on the market.
Another aspect of timing the sale of your home is the season. Home sales are seasonal and the ideal time to sell the home is in spring. This doesn’t mean, however, that homes don’t sell at other times during the year, even in the dead of winter.
In fact, although fewer homes are listed and sold in winter than in spring, the likelihood that you’ll sell your home is higher in the former than in the latter. selling real estate