Sitting in various real estate meetings and speaking with other agents, mortgage lenders, closing attorney’s and just about anyone in the real estate business, it is well understood that the buying market has exploded since about the end of January. Now that we are just coming into the most active period for real estate transactions, there has not been a better time to sell your home. The rates are still excellent, the economy is growing and people are making real estate decisions in record numbers. Are we heading towards a sellers’ market?
If you are thinking of selling your home this year now would be a great time to get it on the market!
The general Triad market here in NC is equaling many of the national statistics of not having enough homes for sale. In fact, the inventory of homes for sale is well below historic norms and buyer demand is quickly rising. Back in college when we learned the concept of supply and demand: the best time to sell something is when supply of that item is low and demand for that item is high. That defines today’s real estate market right here in the Triad.
Jonathan Smoke, Chief Economist at realtor.com, revealed in a recent article that:
“The biggest challenge to buyers this spring will be simply finding a home to buy and getting it successfully under contract. That’s because the supply of homes for sale is at an all-time low, and yet demand is strong and getting stronger.”
“We started the year with the lowest inventory of homes available for sale that we’ve ever seen on realtor.com. While we did see inventory grow 2% in February, total inventory was down 11% over last year.”
This goes to the seller’s advantage and can have a major impact and negotiating advantage when it comes to price and other aspects of the real estate transaction including the inspection, appraisal and financing contingencies.
So, if you are thinking about selling your home this year don’t wait any longer the time is right now!