1. Inventory Shortage- We have very little inventory and a Huge Demand. Priced right properties have bidding wars. Inventory Shortage indicates a sellers market. This won’t last forever!
2. Prices are UP!
3. Low Interest Rates- Some predict rates to go up to 5% by the end of the year, and continue to climb. Low Rates means people can afford to buy more and are willing to buy more now while keeping their payments lower. As rates increase there will not be as much demand. The inventory will then start to go up and we will move to a more “normal” market of 6 months worth of inventory and prices will become stable or slightly decrease.
4. Serious Buyers- The buyers we have now are serious. They are not Lookers. They are serious buyers and ready to buy.
5. List of Buyers- We have a list of buyers waiting for the next home to come on the market. There simply is not enough inventory.
6. Summer Visitors- Europeans and Canadians travel during the summer. They are here on vacation and to get their piece of paradise at an affordable price.
7. Families- Most families buy now to move before the school year starts. Homes are selling in June and July for an Early August Close. Just enough time to move and get settled before the school year starts.
8. Fall Market- A lot of sellers are thinking to wait to sell until the fall. They may have summer travel plans or just don’t want to move during the summer months. This creates a flood of sellers putting their homes on the market in the Fall. Increased inventory = Less Demand = Lower Prices.
9. Faster Sale- Less Competition among sellers means a Faster Sale at a Higher Price
10. Save- Net More Money Now and Save on your Next Purchase! Take advantage of the Low Rates…buy your next home and take advantage of the equity it will build over the years to come!
11. Shadow Inventory- The Banks are still holding on to a lot of foreclosed homes. Eventually these homes will be on the Open Market for sale. Shadow inventory does have an impact on Supply and Demand which ultimately affects prices.
Sellers: If you are considering to put your home on the market now….or wait a few months or even a year, Now is the time to sell! Who knows what next year will bring. Now the market is HOT! There is very little Inventory and a Huge Demand. Don’t miss the boat. Maximize your profits and get your home on the market and sold!
If you are thinking about selling your home or would like a Free Market Analysis to see what your home is worth, give me a call. I look forward to helping you make your next move!
Danielle Damianov, Real Estate Sales Professional
EWM Realty International