Last
spring, we witnessed some very advantageous dynamics for home sellers. Active
buyers, anxious to take advantage of low interest rates and prices, flowed into
the marketplace bringing with them bidding wars and quick home sales. Hundreds
of thousands of home sellers and homebuyers achieved their goals. Do you think
that you may have missed your opportunity? Think again.
According
to the National Association of Realtors® (NAR),
pending home sales in September are up 14.5 percent above September 2011.
Additionally, the amount of time homes are staying on the market has dropped 11
percent in the last year according to the latest Realtor.com
data, telling us that buyers are still quick to make a purchase decision.
Lower
levels of inventory, extremely low interest rates, and rising prices, are
propelling buyers to act now. According to a recent release
by NAR, total housing inventory available for sale is 20 percent below a year
ago. When inventory levels drop, it signifies less competition for the home
seller and limited choice for the buyer, which results in higher sale prices.
The national median existing-home price for all housing types was up in
September, 11.3 percent from a year ago according to NAR.
In the
article, A New Housing
Boom, by CNN Money, industry watchers are forecasting that home
prices could be back to peak levels by 2015. With rising prices however, one
can expect rising construction. According to the same article, many experts are
forecasting home construction to grow by at least 20 percent a year for the
next two years, meaning that home sellers will have more than enough
competition in the near future.
How does
this information impact you? If you are thinking of putting your home on the
market, there is a window of opportunity right now that shouldn't be missed.
Buyers are active, prices are gaining strength, and with limited competition at
this moment, the same opportunity that was available last spring, could be yours
today. With increasing prices, move-up buyers may find that they have enough
equity to finally make their move.
Contact me
today to determine if now is the right time for you. I can help you make the
most of this rare opportunity!
