Demand from homebuyers has skyrocketed this year, which means today’s sellers are poised to win big. This ideal moment in time to sell your house won’t last forever, though. With more sellers coming to the market in the spring, waiting until next year means buyers will have more choices, so your home may not stand out from the crowd. Let’s connect today to discuss why now may be the right time to make a move on your terms
David Demangos - eXp Realty Cell: 858.232.8410 | Realtor® DRE# 01905183 www.AwesomeSanDiegoRealEstate.com We Go to Extremes to Fulfill Real Estate Dreams!
San Diego Real Estate Expert | Global Property Specialist Certified Luxury Marketing Specialist | CLHMS Million Dollar Guild Agent Green Specialist | Certified International Property Specialist 2016, 2017, 2018,& 2019 Recognition of Excellence Award Winner SDAR
The National Association of Realtors (NAR) released the results of their latest Existing Home Sales Report which revealed that home sales declined 0.6% to a seasonally adjusted annual rate of 5.38 million in June from 5.41 million in May, and are 2.2% below a year ago. Some may look at these numbers and think that now is a bad time to sell their house, but in fact, the opposite is true.
The national slowdown in sales is directly tied to a lack of inventory available for the buyers who are out in the market looking for their dream homes! In fact, the inventory of homes for sale had fallen year-over-year for 36 consecutive months before posting a modest 0.5% gain last month and has had an upward impact on home prices.
NAR’s Chief Economist Lawrence Yun had this to say,
“It’s important to note that despite the modest year-over-year rise in inventory, the current level is far from what’s needed to satisfy demand levels. Furthermore, it remains to be seen if this modest increase will stick, given the fact that the robust economy is bringing more interested buyers into the market, and new home construction is failing to keep up.”
The few houses that are on the market are selling fast! According to NAR’s Realtors Confidence Index, properties were typically on the market for 26 days.
Bottom Line
If you are one of the many homeowners who is debating listing your house for sale this year, the time is now! Let’s get together to discuss the specifics of our market!
David Demangos - Keller Williams Realty Cell: 858.232.8410 | Realtor® BRE# 01905183 www.AwesomeSanDiegoRealEstate.com Our Team Goes to Extremes to Fulfill Your Real Estate Dreams!
San Diego Real Estate Expert | Global Property Specialist Certified Luxury Marketing Specialist | CLHMS Million Dollar Guild Agent Green Specialist | Certified International Property Specialist 2016 & 2017 Recognition of Excellence Award Winner SDAR
Every house on the market has to be sold twice; once to a prospective buyer and then to the bank (through the bank’s appraisal). In a housing market where supply is very low and demand is very high, home values increase rapidly. One major challenge in such a market is that bank appraisal. If prices are jumping, it is difficult for appraisers to find adequate comparable sales (similar houses in the neighborhood that closed recently) to defend the price when doing the appraisal for the bank.
With escalating prices, the second sale might be even more difficult than the first. And now, there may be a second issue further complicating the appraisal issue.
