Why Now Might Be The BEST Time To Sell Your Home!
#1 Reason: Lack of Inventory!
The National Association of Realtors (NAR) released the results of their latest Existing Home Sales Report which revealed that sales rose 0.7% month-over-month, but remain 1.5% lower than they were a year ago.
Those stats might make it seem like it’s not a good time to sell, but just the opposite is true.
The national slowdown in sales is directly tied to a lack of inventory available for the buyers who are out in the market looking for their dream homes! The inventory of homes for sale has fallen year-over-year for the last 28 months and has had an upward impact on home prices.
According to NAR’s Chief Economist Lawrence Yun,
“Home sales in recent months remain at their lowest level of the year and are unable to break through, despite considerable buyer interest in most parts of the country. Realtors® this fall continue to say the primary impediments stifling sales growth are the same as they have been all year: not enough listings.”
This is great news for those contemplating listing their home for sale especially in the Vancouver, Washington area!
The houses that are on the market are selling fast! According to NAR’s Realtors Confidence Index, the median number of days it took for a house to go from listed to under contract over the past three months was 34.
If a house is priced right for the condition and location it is in, it WILL sell and sell quickly.
Most buyers have looked at all of the inventory that is in their price range so when something new hits the market, provided it is not grossly overpriced, it will get the attention of a lot of prospective buyers.
According to an article in The Columbian dated October 26, 2017 by Matt Ott of the Associated Press, “The number of people who signed contracts to buy homes was flat in September, reflecting an ongoing nationwide shortage of homes being listed for sale.”
With interest rates creeping up, buyers want to buy before they go too high and price them out of a particular price point.
Bottom Line: If you are thinking of selling your home, NOW might be the best time to list with a professional Realtor, such as Ronnie The Realtor!
Ron and Sherry Patterson
AKA: Ronnie The Realtor and Sherry Too!
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