[caption id="" align="alignnone" width="648"] List your house Now[/caption] If you are debating whether or not to list your house now, here is the #1 reason not to wait!
Buyer Demand Continues to Outpace the Supply of Homes for SaleThe National Association of Realtors’ (NAR) Chief Economist Lawrence Yun recently commented on the current lack of inventory:
“Inventory coming onto the market during this year’s spring buying season – as evidenced again by last month’s weak reading – was not even close to being enough to satisfy demand. That is why home prices keep outpacing incomes and listings are going under contract in less than a month – and much faster – in many parts of the country.”The latest Existing Home Sales Report shows that there is currently a 4.1-month supply of homes for sale. This remains lower than the 6-month supply necessary for a normal market, and 6.1% lower than last year’s inventory level. 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.” There is less than a six-month supply in most towns in Nassau and Suffolk counties. If you would like to see absorption rates for many Nassau and Suffolk County towns compiled over the past 12 months - click here.