I know here in Central VA our inventory is very low, and homes are staying on the market (if priced right) less than 15 days. One of my buyers lost out on three bids, with offering full price and no contingencies, on the next home he had to over 10,000 over and a quick closing to get to sleep in the home he chose. That happened in February ,the competition is truly stiffer as we get deeper into Spring/Summer hot market. Buyers, are not to be fooled, they will not over pay for a home that’s priced to high in the first place. It must appraise in order to work.
That headline might be a little aggressive. However, as the data on the 2017 housing market begins to roll in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME!
The February numbers are not in yet, but the January numbers were sensational. Lawrence Yun, Chief Economist for the National Association of Realtors, 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…”
And 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.”
The only challenge to the market is a severe lack of inventory. A balanced market would have a full six-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.
With demand increasing and supply dropping, this may be the perfect time to get the best price for your home. Contact me today to see whether that is the case in your neighborhood.
Buyers I’m here for you as well, let’s get that home of your choice, just remember “you can’t sleep on it too long, or someone else will sleep in it”
Happy House Hunting!
For the most up to date homes visit my site at http://homesbydebrasamuels.com/