Inventory of homes for sale is well below historic norms and buyer demand remains high.
Lawrence Yun, Chief Economist at the National Association of Realtors, commented, “Buyer interest is solid, but there is just not enough supply to satisfy demand. Prospective buyers are being sidelined by both limited choices and home prices that are climbing too fast.” When inventory shrinks, available homes become more valuable. This defines today’s real estate market and is good news for sellers.
While multiple offers were common this spring, there are signs that the frenzy is slowing down. As we approach the end of summer, sellers still hold a significant negotiating advantage in many price ranges over factors such as price, inspection, appraisal and financing contingencies. If you‘ve been considering selling your house, you may not want to wait any longer.
For all of the facts about what is happening in your neighborhood, contact a Reinhart Realtor today.
Source: KCM, July 18, 2017