Competition is Coming, Are You Thinking of Selling Your Home?

The number of building permits issued for single-family homes is the best indicator of how many newly built homes will rise over the next few months. According to the latest U.S. Census Bureau and U.S. Department of Housing & Urban Development Residential Sales Report, the number of these permits were up 7.4% over last year. How will this impact buyers? More inventory means more options. Lawrence Yun, NAR’s Chief Economist, explained this is good news for the housing market – especially for those looking to buy: “This rise in single-family housing construction will help tame home price growth, and the increase in multifamily units should continue to help slow rent growth.” How will this impact sellers? More inventory means more competition. Today, because of the tremendous lack of inventory, a seller can expect: A great price on their home as buyers outbid each other for it A quick sale as buyers have so little to choose from Fewer hassles as buyers don’t want to “rock the boat” on the deal With an increase in competition, the seller may not enjoy these same benefits. As Chief EconomistNela Richardson, added: “Because existing home inventory has been so low for so long, new construction is taking a larger share of the market…Builders meet the buyers and see the demand firsthand.” Bottom Line If you are considering selling your house, you’ll want to beat this new competition to market to ensure you get the most attention for your listing and the best price.   You might also enjoy reading… Top 5 Reasons to Hire a Real Estate Professional When Buying or Selling! The #1 Reason to Sell Now Before Spring Thinking of Selling? Now is the Perfect Time If You’re Considering Selling, ACT NOW!!

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Housing Market Expected to "Spring Forward" This Year

Just like our clocks this weekend in the majority of the country, the housing market will soon “spring forward!” Similar to tension in a spring, the lack of inventory available for sale in the market right now is what is holding back the market. Many potential sellers believe that waiting until Spring is in their best interest, and traditionally they would have been right. Buyer demand has seasonality to it, which usually falls off in the winter months, especially in areas of the country impacted by arctic temperatures and conditions. That hasn’t happened this year. Demand for housing has remained strong as mortgage rates have remained near historic lows. Even with the recent increase in rates, buyers are still able to lock in an affordable monthly payment. Many more buyers are jumping off the fence and into the market to secure a lower rate. The National Association of Realtors (NAR) recently reported that the top 10 dates sellers listed their homes in 2017 all fell in April, May, or June. Those who act quickly and list now could benefit greatly from additional exposure to buyers prior to a flood of more competition coming to market in the next few months. Bottom Line If you are planning on selling your home in 2018, let’s get together to evaluate the opportunities in our market. You might also enjoy reading… Top 5 Reasons to Hire a Real Estate Professional When Buying or Selling! 2 Major Myths Holding Back Home Buyers Should I Wait Until Next Year to Buy? Or Buy Now? [INFOGRAPHIC] The #1 Reason to Sell Now Before Spring

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4 Reasons to Sell This Spring [INFOGRAPHIC]

Some Highlights: Buyer demand continues to outpace the supply of homes for sale which means that buyers are often competing with one another for the few listings that are available! Housing inventory is still under the 6-month supply needed to sustain a normal housing market. Perhaps the time has come for you and your family to move on and start living the life you desire. You might also enjoy reading… Top 5 Reasons to Hire a Real Estate Professional When Buying or Selling! The #1 Reason to Sell Now Before Spring 2 Major Myths Holding Back Home Buyers Mortgage Rates on FIRE! Home Prices Up in Smoke?

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