3 reasons to sell your house now instead of waiting! Demand is strong, supply is low and new construction will soon be your competition.
A seller’s
ability to sell their home in today’s real estate market will be determined by
both the supply of homes for sale and the demand for that housing. In real
estate, supply is represented by the current month’s supply of homes for sale
(the number of homes for sale divided by the number of homes sold in the
previous month).
While there is
no steadfast rule that will apply to pricing in every category of housing, here
is a great guideline:
- 1-4 months’ supply creates a sellers’ market where there are not enough homes to satisfy buyer demand. Appreciation is guaranteed.
- 5-6 months’ supply creates a balanced market. Historically home values appreciate at a rate a little greater than inflation.
- 7-8 months’ supply creates a buyers’ market where the number of homes for sale exceeds the demand. Depreciation follows.
What
is happening across the country right now?
In most parts
of the country, supply is dropping like a rock. According to the National
Association of Realtors, total housing inventory is below a five months’
supply. This is almost 20% below inventory numbers of just a year ago and at
levels we haven’t seen since 2005.
Based on the
table above, we can see that the supply/demand ratio is showing a sellers’
market where prices appreciate. This has created positive movement in housing
values in most parts of the country.
Sellers have a
great opportunity right now. Historically, inventory increases dramatically as
we approach summer. Selling now while demand is high and supply is low may
garner you your best price.
MacIntyre
& Cowen, RE/MAX Real Estate Professionals Grand River, would gladly provide
a complimentary Over-the-Net Home Evaluation or email alerts to Hot Buys /
Foreclosed / Liquidation & Luxury Distressed Properties in the Mid Michigan
areas including Greater Lansing, Haslett, Okemos, East Lansing, Grand Ledge,
Holt, Williamston, Mason, Eaton Rapids, Dimondale, Dewitt areas and more. Feel free to contact us at 517.999.2675 or
visit us at www.pmachomes.com today!
Article
courtesy of KCM Blog
No comments:
Post a Comment