That headline might be a little aggressive; however, as August 2017â€™s housing market data begins to roll in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME TODAY!
In a recent article by CBS News, they explained that the number of existing home sales is shrinking, and Lawrence Yun,Â Chief EconomistÂ for theÂ National Association of Realtors, said:
â€œThere should be 3 million homes on the market right nowâ€¦Yet, there are only 1.9 million.â€
And this situation will be affected greatly by recent natural disasters. Yun continued by saying:
â€œBefore the hurricanes I would have predicted 1.35 million in new-home construction in 2018â€¦Iâ€™ll have to scale that down now.â€
NAR, in their August 2017 RealtorsÂ® Confidence Index, indicated that:
â€œAmid sustained job creation and sustained historically low mortgage rates, REALTORSÂ® reportedâ€¦that buyer demand is stronger compared to conditions one year agoâ€¦ and that fifty percent of properties were on the market for less than one month when sold.â€
The only challenge to todayâ€™s market is a severe lack of inventory. A balanced market would have a full six-month supply of homes for sale. Currently, there is only a 4.2-month supply of inventory, which is down from 4.5 months one year ago.
With demand increasing and supply dropping, this may be the perfect time to get the best price for your home. Letâ€™s get together and discuss the inventory levels in your neighborhood to determine your next steps.
Source: Simplifying The Market