In school we all learned theTheory of Supply and Demand. When the demand for an item is greater than the supply of that item, the price will surely rise.
The National Association of Realtors (NAR)recentlyreportedthat the inventory of homes for sale stands at a 4.4-month supply. This is considerably lower than the 6-month inventory necessary for a normal market.
Every monthNARreports on the amount of buyers that are actually out in the market looking for homes, or foot traffic. As seen in the graph below, buyer demand in February significantly outpaced the last six months.
Many buyers are being confronted with a very competitive market in which they must compete with other buyers for their dream home (if they even are able to find a home they wish to purchase).
Listing your house for sale now will allow you to capitalize on the shortage of homes for sale in the market, which will translate into a better pricing situation.
Many homeowners underestimate the amount of equity they currently have in their home. According to a recentFannie Maestudy, 37% of homeowners believe that they have more than 20% equity in their home. In reality,CoreLogic’slatestEquity Reporttells us that72.6% actually do!
Many homeowners who are undervaluing their home equity may feel trapped in their current home, which may be contributing to the lack of inventory in the market.
If you are debating selling your home this year, let's meet up to evaluate the equity you have in your home, as well as the opportunities available in your market.
Author:Andrea Ortega Phone: 480-861-4663 Dated: April 1st 2016 Views: 327 About Andrea: Andrea Ortega has been a licensed Realtor in Arizona since 1996, and has been with American Allstar ...
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