List Your Home ASAP
As data on the 2017 housing market begins to come in, I want to say one thing: If you are thinking about selling your house, IT’S TIME TO LIST YOUR HOME!
February numbers are not in yet, but the January numbers were strong. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), said:
“Much of the country saw robust sales activity last month as strong hiring and improved consumer confidence at the end of last year appear to have sparked considerable interest in buying a home. Market challenges remain, but the housing market is off to a prosperous start as homebuyers staved off inventory levels that are far from adequate…”
CNBC says consumer confidence in the economy is fueling the market:
“U.S. home resales surged to a 10-year high in January as buyers shrugged off higher prices and mortgage rates, a sign of growing confidence in the economy.”
There is a challenge to the market – a severe lack of inventory. A balanced market would have a 6-month supply of homes for sale. Currently, there is less than a four-month supply of inventory. This represents a decrease in supply of 7.1% from the same time last year.
Real Estate Bottom Line
With buyer demand rising and supply dropping, this may be the perfect time to get the best price for your home. Let’s talk to about the inventory levels in your neighborhood to determine your next steps.