This year’s real estate market has been shattering all sorts of expectations—and the latest numbers are no exception. While you might think that spring and summer are the most profitable seasons for selling, this fall has the potential to prove you wrong!
Here are the highlights from the National Association of Realtors’ latest home-selling report.
Buyer’s Market vs. Seller’s Market
Before we dig into the numbers, it’s important to provide a little context as to what they mean.
Buyer’s and seller’s markets are primarily determined by the amount of inventory available. If there’s less than 6 months’ worth of homes for sale, then prices will go up, leading to a seller’s market. On the other hand, when inventory tops 7 months, price tend to depreciate and the market swings in the favor of buyers.
With that in mind, let’s get to the numbers!
Sales vs. Inventory
While sales have gone up, the most important takeaway from the report is the inventory. At the end of August, the total housing inventory sunk by 2.6% to 1.86 million homes for sale.
Unsold inventory is lower than the 4.3 month figure recorded last August, which represents a 4.1 month supply based on the current sales pace. With increased demand and limited supply, sellers are benefitting in major ways—namely, price increases.
Why the Increase in Buyer Activity?
Typically, buying slows down during the fall and winter months, but with mortgage rates remaining at near-record lows, it’s been hard to resist taking advantage of them. In fact, The Existing Home Sales Report also shows that 49% of properties were on the market for less than a month when they were sold.
The bottom line? If you’re planning on selling, now’s the perfect time to capitalize on ready, willing, and able buyers—and likely for a better price than usual.
List Your Home with Linda Craft & Team REALTORS®
Contrary to popular belief, you don’t have to put off your home-selling plans until the spring or summer—the last few months of the year are shaping up to make for a stellar seller’s market.
Want to take advantage of these favorable conditions and sell your home before the end of the year? Then let Linda Craft & Team, REALTORS® help. With hundreds of years of combined local experience, we have the resources, expertise, and skill-set to ensure that your property sells for top dollar! Whenever you’re ready to get started, we’re just a phone call away.