That headline might be a little aggressive; however, as August 2017’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, Chief Economist for the National
Association of Realtors, said:
“There should be 3 million homes on the market right now…Yet, there are
only 1.9 million.”
And this situation will be affected greatly by recent natural disasters. Yun
continued by saying:
“Before the hurricanes I would have predicted 1.35 million in new-home
construction in 2018…I’ll have to scale that down now.”
NAR, in their August 2017 Realtors®Confidence Index , indicated that:
“Amid sustained job creation and sustained historically low mortgage
rates, REALTORS® reported…that buyer demand is stronger compared to
conditions one year ago… and that fifty percent of properties were on the
market for less than one month when sold.”
The only challenge to today’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.
Bottom Line
With demand increasing and supply dropping, this
may be the perfect time to get the best price for your home. Let’s get together
and discuss the inventory levels in your neighborhood to determine your next
steps.
Contact The Militello Team Today:
Joseph (978) 815-3877
Kathleen (978) 500-1480
Source: Keeping Current Matters