Buyers Are Looking For Your House
The most recent Pending Homes Sales Index from the National Association of Realtors (NAR) showed a 1.6% increase in purchase contracts in December. This news comes as existing home sales are projected to be on pace for 5.54 million in 2017, a 1.7% increase over 2016, which was the best year for sales in a decade.
According to NAR’s Chief Economist, Lawrence Yun:
“Pending sales bounded last month as enough buyers fended off rising mortgage rates and alarmingly low inventory levels to sign a contract.”
So, what’s the problem? Buyers want to buy homes, but supply is not keeping up with their demand!
Yun went on to explain:
“The main storyline in the early months of 2017 will be if supply can meaningfully increase to keep price growth at a moderate enough level for households to absorb higher borrowing cost. Sales will struggle to build on last year’s strong pace if inventory conditions don’t improve.”
Real Estate Bottom Line
Buyers are out in force right now! If you are considering selling your home this year, the early months of 2017 may be your best option. Let’s get together to discuss how you can capitalize on current market conditions.