If You Are Thinking of Selling, Now Is The Time!
Jonathan Smoke, the Chief Economist of realtor.com, in a recent article revealed that:
“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.”
If you thought about selling your house this year, now 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 the concept of supply and demand: the best time to sell something
is when supply of that item is low and demand for that item is high. That defines today’s real
estate market.
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 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, you are in the driver’s seat right now. It might be time to hit the gas.
Blog by: The KCM Crew
For information on how to sell your house FAST and for MORE contact The Joe Reed Team now.
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