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The market is hot and there’s never been a better time to sell your home. Here are three great reasons that you should call a Shorewest agent today!
1. Demand for real estate is much stronger this year.
The great news for today’s home sellers is that the current housing market is experiencing a stronger demand than we have seen in some time. The spring housing market of 2013 is projected to be one of the best in years.
The National Association of Realtors (NAR) reports monthly on both pending sales and existing home sales. The latest report revealed closed home sales have been above year-over-year levels for 20 consecutive months and sales are at the highest level since the tax credit period of 2009-2010.
What is the impact on sellers? There is an increased demand for homes and it has created bidding wars for properly priced homes throughout the state. Buyers are making offers closer to or greater than the list price and the average days a home is on the market has dropped by over 20% from last year.
2. Housing supply is low.
In real estate, the supply is represented by the current month’s supply of homes for sale. While there is no steadfast rule that will apply to pricing in every category of housing, 5-6 months’ supply creates a balanced market, with supply below that level creating a sellers’ market and above that level creating a buyers’ market.
Currently, NAR is reporting that total housing inventory is below a five months’ supply, almost 20% below inventory levels of 2012 and at levels the U.S. hasn’t seen since 2005. Wisconsin inventory is 13% below last year, and supply is notably less in the metropolitan counties of southeastern Wisconsin. Historically, inventory dramatically increases as summer approaches, so selling now while demand is high but supply is still low may bring the best price for your home.
3. New construction will soon be your competition.
After the housing bubble burst, new construction was at an all-time low. Now that consumer confidence is rising, more and more builders are jumping back in to the market. NAR revealed that, relative to 2012, year-to-date new home sales are up 19%. New homes will be an attractive alternative to many of today’s home purchasers.
Here are some numbers from the Census Bureau about new construction:
- Single-family building permits in February were up 25.5% over February 2012.
- Single-family homes under construction in February were up 18.5% over February 2012.
- Single-family houses completed in February were up 32.9% over February 2012.
New construction is back and should be considered strong competition for sellers, especially in a market with such low inventory.
Based on these three factors, now is the best time to sell your house. If you’re not sure where to start, contact a Shorewest agent to help answer any questions about buying or selling a home today.
adapted from our friends at KCM.
Tags: Home Sales, Home Selling, Real Estate, real estate advice, real estate market, shorewest
Categories: Home Selling
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