The National Association of Realtors says that based on the recent
national housing stats it appears the industry could be shifting from a buyers
market to a seller’s market.
Supporting data:
New home listings fell in January by 4.9%, leaving approx. 1.75 Million properties for sale which is the lowest sales inventory since 1999.
Home sales rose in January, to an annual rate of 4.92 million sales which is up from 9.1% one year ago.
So right now we have more buyers chasing a declining number of homes that are for sale. If the current pace of sales continues it will take about 4 months to sell the entire current national supply of homes on the market. Not only does this help to confirm the market could finally be shifting to the sellers side but then add to that a consensus by economists that they see sales increasing nearly 12% from last year and it really seems like a change in market sentiment.
This then explains why NAR believes sellers are beginning to have the upper hand.
Some advice for
sellers:
If you want to sell quickly and get the best price possible put
your feelings aside and look only at the current facts. You have to take into consideration
your local resale market conditions, your homes overall condition, your
neighborhood condition and your personal financial situation.
Its a known fact that homes priced to Fair Market Value will sell more quickly and at higher prices then over priced listings. Say what?
A home priced properly will get many showings its first week on the market then an over priced listing.
A home priced fairly will get more written offers faster then over priced listing if they get any offers at all.
A home priced fairly will be contracted and closed before an over priced listing gets its first written offer.
A home priced fairly means money in your bank account sooner rather then later, or permits you to move into your new home sooner rather then later.
An over priced listing means you will be losing more and more money every single day it doesn't sell and close.
If your goal is to put as much money as you can in your pocket then hire a professional Realtor who will tell you what you need to hear not what you want to hear. You will be better off for it!
