Thinking about selling now vs next spring?
The price of any item including real estate is determined by supply and demand. Which stands to reason that if a lot of people are looking to buy an item and the supply of that item is limited, the price of that item increases.
According to the National Association of Realtors (NAR), the supply of homes for sale dramatically increases every spring.
In the graph of you can see what housing inventory did at the beginning of 2016:
Should I stay or should I go?
Putting your home on the market now instead of waiting for increased competition in the spring might make a lot of sense for you and your situation. Most local licensed Real Estate professionals will do a no-cost, no obligation consultation that will help you understand how homes are selling in your neighborhood and a good idea of what you could realistically list your home for.
Whether you are debating about taking your home off the market for the next few weeks or waiting until it warms up a bit, don't! You might miss the great opportunity you have right now! Buyers in the market during the winter months are truly motivated purchasers. They want to buy now.
The latest Existing Home Sales Report from The National Association of Realtors (NAR), revealed that the inventory of homes for sale has dropped nationally to a 4.3-month supply. Meaning? There are more buyers that are ready, willing, and able to buy now than there have been in years!
The take away?
As you saw in the numbers from last week’s column, local home prices are appreciating in this rising seller's market. Making your home available over the next few weeks will give you the most exposure to buyers who will be competing against each other to buy it and will put you on the forefront of inventory when the flock of “spring” buyers comes out of hibernation.