Tuesday, March 26, 2013
It’s hard to believe that the housing market turned so quickly for sellers! We went from bad news – homes sitting on the market, inventory growing, and prices falling – to a sellers’ market. That’s right…a sellers’ market. Now listings are in short supply, and in some price ranges, sellers are receiving multiple offers. The dream of homeownership is back in full force, and there are a lot of buyers ready to buy their piece of the American dream.
As we look back, we now see that the bottom of the market was in 2011. Since then, sales have increased and prices have stabilized. In some areas, they’re even rising. The tremendous amount of pent-up demand that grew over the last five years has been unleashed, and with an improving economy, lower unemployment, and rising rental rates, the demand for housing has created a backlog of potential purchasers and a shortage of houses for sale.
So what does this mean for you? Opportunity! If you’re holding off selling your home now may be the time to rethink this decision. If you need to sell in order to buy another home, the same great reasons to buy still apply: an improving economy and real estate market, current home prices are still affordable and record-low mortgage interest rates.
Let me know if I can help you evaluate your situation. And please don’t wait too long - many economists are forecasting a rise in interest rates sooner rather than later and that means the same dollars will buy less. Nothing stays the same, and as we have seen change can occur quickly.
Opportunity is knocking; Let’s answer the door together! I look forward to speaking with you soon!