It’s a Good Time to Sell Your Home
If You Are Thinking of Selling, Act Now
If you thought about selling your house this year, now may be the time to do it. Inventory of homes for sale is well below historic norms and buyer demand is skyrocketing. We all know the concept of supply and demand: the best time to sell something is when supply is low and demand is high. This is exactly what defines today’s real estate market.
According to Jonathan Smoke, the Chief Economist of realtor.com:
“Would-be buyers face a dilemma: There will be more homes on the market over each week of the next three to four months, but there will also be even more prospective buyers. We are entering the busiest season of home buying with the lowest amount of inventory in three years. To be competitive, buyers should get pre-approved for a mortgage and be ready to act quickly if they find a home that meets their needs.”
Smoke goes on to say:
“Listings are growing as they normally do this time of the year, but because demand has been growing faster than supply, homes are selling faster. So the monthly trend is the normal seasonal pattern, but the year-over-year decline is reflective of demand being stronger than supply for more than a year, which is resulting in fewer homes available and faster-moving inventory.”
In a seller’s market, the seller may hold a major negotiating advantage when it comes to price and other aspects of the real estate transaction including inspection, appraisal and financing contingencies.
Real Estate Bottom Line
As a potential seller, you are in the driver’s seat now. It might be time to hit the gas.
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