REAL ESTATE BLOSSOMS
The housing market is well into what is typically considered the peak spring selling season. While more home sellers are deciding to put their homes on the market now that flowers and trees are blooming and lawns are greener, in many parts of the country, real estate professionals are reporting that there is a shortage of listing inventory.
The low inventory levels are helping to push up home selling prices and leading to multiple offer situations in some areas, particularly if a property is in move-in ready condition. If you have been weighing whether to sell your home, this could be the prime time to speak to a real estate agent about putting your home on the market. With fewer homes on the market, your property will have a much greater opportunity to draw attention from the home-buying pool.
In fact, buyer demand appears to be stronger in many parts of the country, particularly in metropolitan areas that have experienced strong job gains and economic growth, according to the National Association of Realtors’ chief economist. Demand in many markets is far exceeding supply, which is putting upward pressure on home prices, according to NAR.
Nationwide, existing-home sales increased in March to their highest annual rate in 18 months and the supply of homes for sale climbed 5.3 percent from the previous month and was 2 percent higher than a year earlier, NAR reported. Still, the unsold inventory was at a 4.6-month supply, which indicates that inventory is tight and conditions were more favorable for sellers. A 6-month supply of available homes is considered more balanced between sellers and home buyers.
Of course, housing conditions vary from market to market, so to get an accurate picture of what’s happening in your local market, it is prudent to consult with a real estate agent about inventory and prices in your area.
If you are a buyer, now more than ever, it is crucial to work with a real estate professional that can provide insight into what properties are available for sale and help you negotiate, particularly in markets where there is stiff competition for the homes that are available for sale. A real estate agent can also help you identify communities that may have properties in your price range that you may not have considered before.
The affiliated sales professionals at Coldwell Banker Residential Brokerage are highly skilled and can properly position you to successfully sell your home and purchase another property. Contacting a real estate agent at Coldwell Banker Residential Brokerage who understands the local market is the best first step to make sure your real estate goals blossom this spring.