Summertime is almost here, and it is the summer you should list your home for sale.
Why? Read on to find out.
Housing Demand is Strong and Competition is Decreased
We are in what is referred to as a “seller’s market”. Due to (still) low housing inventory numbers, the availability of homes for sale in most markets is less than it has been in year’s past. According to the latest Existing Home Sales Report from the National Association of Realtors, home inventory is currently at a 4.2 month supple, which is under the optimal 6-month supply driven by demand. This means that there are not enough homes for sale to meet the needs of home buyers.
NAR also noted in their Buyer Traffic Report that despite lower than average housing inventories, buyers are ready and willing to buy in most markets around the country. Couple less homes for sale in your region, with strong buyer demand and your home has a better chance of selling more quickly.
New Construction Has Not Yet Ramped Up
Industry experts have been alluding to a stabilization and growth in the new construction vertical for the last 18 months or so, but as of yet, we have not seen a significant uptick on new homes being built to make up for the lack of inventory. That is expected to change this summer, when experts with their ears to the ground expect to see a significant ramp-up of new construction products. By listing your home for sale now, you ensure your space in a less-competitive market.
It’s no secret that selling a home can be an arduous task, and the process involved can be lengthy. Selling now will ensure a speedier process. Why? At present, we are seeing an acceleration in home sales, according to Fannie Mae, that could even surpass 2007’s pace. Continues strong market strength means banks will be inundated with bank loan inquiries – slowing the processing timelines. By selling your home now, before the flood hits, you will see the benefits of the shorter processing timelines currently in place.
Speak to a professional mortgage professional to get the process started for selling your home and make the move to your “dream home” now!
Atlantic Home Loans, Inc. NMLS#15241 www.nmlsconsumeraccess.org 50 Route 46 West, Parsippany, NJ 07058 licensed or authorized Mortgage Lender/Banker by, and does not offer its loan services or products in any states other than, the following: CA Department of Business Oversight, CT Dept of Banking, DC Department of Insurance, Securities and Banking, DE Office of the State Bank Commissioner, FL Office of Financial Regulation, GA Dept of Banking & Finance, MD Commissioner and Financial Regulation, MA Division of Banks Lender/Broker MC#15241, NJ Dept of Banking and Insurance, Licensed Mortgage Banker—NYS Department of Financial Services, NC Commissioner of Banks Mortgage Lender, PA Dept of Banking, Rhode Island Licensed Lender/Broker, Virginia State Corporation Commission License MC-3001. Atlantic Home Loans is not acting on behalf of or at the direction of HUD/FHA or the Federal Government.