In school we all learned theTheory of Supply and Demand. When the demand for an item is greater than the supply of that item, the price will surely rise.
The National Association of Realtors (NAR)recentlyreportedthat the inventory of homes for sale stands at a 4.4-month supply. This is considerably lower than the 6-month inventory necessary for a normal market.DEMANDEvery monthNARreports on the amount of buyers that are actually out in the market looking for homes, or foot traffic. As seen in the graph below, buyer demand in February significantly outpaced the last six months.Many buyers are being confronted with a very competitive market in which they must compete with other buyers for their dream home(if they even are able to find a home they wish to purchase).Listing your house for sale now will allow you to capitalize on the shortage of homes for sale in the market, which will translate into a better pricing situation.
Many homeowners underestimate the amount of equity they currently have in their home. According to a recentFannie Maestudy, 37% of homeowners believe that they have more than 20% equity in their home. In reality,CoreLogic'slatestEquity Reporttells us that72.6% actually do!Many homeowners who are undervaluing their home equity may feel trapped in their current home, which may be contributing to the lack of inventory in the market.
If you are debating selling your home this year, meet with a local real estate professional that can evaluate the equity you have in your home and the opportunities available in your market.
Author:Heather F Davidson Phone: 609-209-7581 Dated: March 22nd 2016 Views: 274 About Heather: I'm an agent whose business is built on the promise of exceptional customer service. If you are sel...
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Specialties: Buyer's Agent, Listing Agent, Relocation, Short-Sale
I'm an agent whose business is built on the promise of exceptional customer service. If you are selling your home or searching for that special place to call your own, you deserve to work with someone you trust-someone who you know has your best interests in mind. Whatever your particular Real Estate need, I'll work hard to make sure that you are completely satisfied. I have the knowledge, experience, and dedication that it takes to get results.
We hope 2018 is a great year for you, both personally and
Very knowledgeable of area and mortgage practices to show houses that met the criteria of loan needs. Aided in narrowing down a large market are and focus on potential houses. Walk through from beginning to end to acquire house. Her imagination and vision showed the house's potential. Very pleased, and this is coming from a picky and hard to please man..."