In school, we all learned the theory 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) recently reported that the inventory of homes for sale stands at a 3.8-month supply. This is considerably lower than the 6-month supply necessary for a normal market.
Every monthNARreports on the number of buyers out in the market looking for homes, which is also known as buyer traffic. As seen on the map below, buyer demand in March was strong or very strong in 45 out of 50 states nationwide, and Washington, DC.
Many buyers are being confronted with a very competitive market in which they mustcompetewith other buyers for their dream homes (if they are even 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 homes. According to a recent Fannie Mae study, 37% of homeowners believe that they have more than 20% equity in their homes. In reality, CoreLogic’s latest Equity Report tells us that 78.9% actually do!
Many homeowners who are undervaluing the equity they have in their homes may feel trapped, which may be contributing to the lack of inventory in the market.
If you are debating selling your home this year, meet with a local real estate professional who can evaluate the equity you have in your home, as well as the opportunities available in your market.
Get a valuation of your home today by visiting my website; www.robin.scottie-smith.com
Author:Robin ONeal-Smith Phone: 214-245-9068 Dated: May 2nd 2017 Views: 40 About Robin: ...
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SCOTTIE SMITH II & ASSOCIATES is one of Dallas/Fort Worth’s fastest growing boutique brokerage firms. We are located in the historic Deep Ellum District of Dallas, Texas and focus on addressing the needs of home buyers, sellers, and investors. We do more than close real estate transactions; we help our clients build wealth and restore communities!
Inventory Drops Again, Sales Slow [INFOGRAPHIC]Highlights:Existing Hom
"After going through a failed sale, a business partner introduced me to Scottie. He came over and did a walkthrough and presented me with statistical data on my house and neighborhood. Scottie had complete confidence that my would sell in no time. He was right! I was very impressed with the amount of traffic my house received, not to mention the contract. Scottie and his team were A1 and professional! After completing some "to-do" items for him and the buyers, I signed the paperwork and closed the sell of the house to the new home owners today! Smoothest process ever!"