Thinking of Selling?
If you are
thinking of selling your house this year, now more than ever may be the time to do it! The inventory of homes for sale is well
below historic norms and
buyer demand is skyrocketing. We were still in high school when we learned about the concept of supply and demand, so we understand that the best time to sell something is when the supply of that item is low and demand for that item is high. That defines today’s real estate market.
Lawrence Yun, Chief Economist at the
National Association of Realtors, recently
commented:
“Contract signings inched backward once again last month, as declines in the South and West weighed down on overall activity.”
Yun goes on to say:
“The reason sales are falling off last year’s pace is that multiple years of inadequate supply in markets with strong job growth have finally driven up home prices to a point where an increasing number of prospective buyers are unable to afford it.”
CNBC recently
reported on the decline in pending home sales indicating sales were down for the seventh straight month for many of the same reasons. Sales in the west were particularly hard-hit as some markets have been red hot for many months with sales not falling because of the lack of inventory.
In this type of market, a seller may hold a major negotiating advantage when it comes to price and other aspects of the real estate transaction, including the inspection, appraisal and financing contingencies.
Bottom Line
As a potential seller, if you are
thinking of selling, you are in the driver’s seat right now. The time for thinking of selling may well be over and now might just be time to hit the gas. Let me know if you would like to receive market statistics for
YOUR town!