Congratulations! You’ve found the perfect home, had your offer accepted, and applied for a mortgage. You are on the home stretch! But there are some key things to be aware of before you close.
The Time is Now: Why the Housing Market is in Your Favor if You're a Seller
Dated: July 29 2020
It’s all about inventory and, simply put, the real estate market has more buyers looking to purchase a home than sellers selling their homes. This type of housing climate has greatly tipped the scales in favor of sellers.
In their latest Existing Home Sales Report, the National Association of Realtors (NAR) reported that the total housing inventory is down 18.8% from last year. The market for existing homes fell to just 1.57 million homes for sale by the end of June. That is far below what was available on the market just one year ago. Houses that do come on the market are selling at lightning speed and above asking in many cases.
“The housing market is hot, red hot, based on the data and the anecdotal prevalence of multiple offers.” said Lawrence Yun, chief economist for the NAR.
If you’re wondering why inventory is so low for buyers, there are a multitude of reasons why it has become hard to find a home for sale today. Things such as the undersupply of new construction and sellers halting their plans to move amid the current health pandemic have influenced the shortage of inventory. Sam Kater, Chief Economist at Freddie Mack estimates that, “the housing market is undersupplied by 3.3 million units and the shortage is rising by about 300,000 a year.”
In addition, homeowners are staying longer in a home (10 years on average) which also contributes to the shortage. See the upward swing in the graphic below:
There is no better time to sell than NOW. With today’s historically low interest rates and the hot market, sellers have the opportunity to sell their home, get top dollar and maintain the same low monthly payment while getting a lot more house for their money. Don’t miss this opportunity!
If you are ready to take the leap and sell your home, contact Curri Properties today! 321.259.1003
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