As the data on the 2017 housing market begins to roll in, we can definitely say one thing: If you are considering selling, NOW IS THE TIME TO LIST YOUR HOME!
Lawrence Yun, Chief Economist for the National Association of Realtors, said:
“Much of the country saw robust sales activity last month as strong hiring and improved consumer confidence at the end of last year appear to have sparked considerable interest in buying a home. Market challenges remain, but the housing market is off to a prosperous start as homebuyers staved off inventory levels that are far from adequate…”
And CNBC says consumer confidence in the economy is fueling the market:
“U.S. home resales surged to a 10-year high in January as buyers shrugged off higher prices and mortgage rates, a sign of growing confidence in the economy.”
The only challenge to the market is a severe lack of inventory. According to information from our local MLS, as of the end of February 2017 there were 685 homes on the market. In 2013 there were 1313! At this time last year there were 786 homes on the market. This represents a decrease in supply of 12.8% from the same time last year.
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.