Don’t Wait to Sell Your House! Buyers Are Out There Now
Data recently released from the National Association of Realtors (NAR) suggests that now is currently a great time to sell your home. If you're familiar with the principle of ‘supply & demand’ then you know that an item commands the best price when the supply of that item is low but the demand for that item is high.
Let’s take a look at how this applies to today's residential real estate market.
SUPPLY
It's widely known that the inventory of homes for sale has been far below the number needed to maintain a normal market for over a year at this point. A normal market requires six months of housing inventory to meet the demand. The latest report from NAR revealed that there is currently only a 3.6-month supply of houses on the market.
Supply is currently very low!
DEMAND
A report that was just released tells us that demand is very strong. The most recent Foot Traffic Report (which sheds light on the number of buyers who are actually out looking at homes) disclosed that “foot traffic grew 10.5 points to 52.4 in March as the new season approaches.”
Demand is currently very high!
Net Net
Waiting to sell will only increase the competition between you and all of the other sellers putting their houses on the market later this summer. If you are debating whether or not to list your home, let’s get together to discuss the conditions in our market.