If the thought of selling your home has crossed your mind, now more than ever may be the time to take action! The supply and demand concept clearly shows that the best time to sell is when supply is low and demand is high. That defines today’s real estate market!
National Association of Realtors (NAR) data shows us that this is a great time to sell. NAR recently released two major reports revealing information that this is a strong sellers’ market.
The first report is the Realtors® Confidence Index that summarizes monthly data collected from over 50,000 real estate practitioners about their expectations for home sales, prices, and market conditions. This month showed (again) that home-buying demand continued to outpace supply in the month of May. Demand for housing continues to be strong throughout 2017, but supply is struggling to keep up, and this trend is likely to continue into 2018. Buyer demand is higher than the number of homes available for purchase.
The second report is The Existing Home Sales Report. The most important data revealed in this report is the low inventory of homes for sale (supply). In real estate, there is a guideline that often applies; when there is less than a 6-month supply of inventory available, we are in a seller’s market and we will see appreciation of home prices. The current national inventory is at 4.2-month supply, and houses are going under contract fast. During the month of May, properties sold nationally were on the market for an average of 27 days.
All indicators point to a strong sellers’ market. If you are going to sell, now may be the time to take advantage of the ready, willing, and able buyers that are still out searching for your house.