It may be time to list your home. Have you been considering downsizing, expanding, or maybe moving to the coast to fulfill that dream of owning beach front property? Whatever your reason, if you’ve been debating listing your house for sale this year, we have the #1 reason not to wait!
In short terms, buyer demand is continuing to outpace the supply of homes for sale in the current market. The market needs more supply if it’s going to keep up with the positive profits of recent years. The National Association of Realtors’, or the NAR’s, Chief Economist Lawrence Yun recently commented on this inventory problem:
“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”.
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:
Anything less than a six-month supply is considered a “seller’s market.”
Let’s get together and discuss the supply conditions in your neighborhood to be able to assist you in gaining access to the buyers who are ready, willing, and able to buy your house now!
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