June 15, 2021

Hope Is on the Horizon for Today’s Housing Shortage

 

The major challenge in today’s housing market is that there are more buyers looking to purchase than there are homes available to buy. Simply put, supply can’t keep up with demand. A normal market has a 6-month supply of homes for sale. Anything over that indicates it’s a buyers’ market, but an inventory level below that threshold means we’re in a sellers’ market. Today’s inventory level sits far below the norm.

According to the Existing Home Sales Report from the National Association of Realtors (NAR):

“Total housing inventory at the end of April amounted to 1.16 million units, up 10.5% from March’s inventory and down 20.5% from one year ago (1.46 million). Unsold inventory sits at a 2.4-month supply at the current sales pace, slightly up from March’s 2.1-month supply and down from the 4.0-month supply recorded in April 2020. These numbers continue to represent near-record lows.”

Basically, while we are seeing some improvement, we’re still at near-record lows for housing inventory (as shown in the graph below). Here’s why. Since the pandemic began, sellers have been cautious when it comes to putting their homes on the market. At the same time that fewer people are listing their homes, more and more people are trying to buy them thanks to today’s low mortgage rates. The influx of buyers aiming to capitalize on those rates are purchasing this limited supply of homes as quickly as they’re coming to market.Hope Is on the Horizon for Today’s Housing Shortage | MyKCM 

This inventory shortage doesn’t just apply to existing homes that are already built. When it comes to new construction, builders are trying to do their part to bring more newly built homes into the market. However, due to challenges with things like lumber supply, they’re also not able to keep up with demand. In their Monthly New Residential Sales report, the United States Census Bureau states:

“The seasonally‐adjusted estimate of new houses for sale at the end of April was 316,000. This represents a supply of 4.4 months at the current sales rate.”

Hope Is on the Horizon for Today’s Housing Shortage | MyKCMSam Khater, Chief Economist at Freddie Mac, elaborates:

In the span of five decades, entry level construction fell from 418,000 units per year in the late 1970s to 65,000 in 2020.

While in 2020 only 65,000 entry-level homes were completed, there were 2.38 million first-time homebuyers that purchased homes. Not all renters looking to purchase their first home were in the market for entry-level homes, however, the large disparity illustrates the significant and rapidly widening gap between entry-level supply and demand.”

Despite today’s low inventory, there is hope on the horizon.

Regarding existing home sales, Sabrina Speianu, Senior Economic Research Analyst at realtor.com, explains:

“In May, newly listed homes grew by 5.4% on a year-over-year basis compared to the earlier days of the COVID-19 pandemic last year

In May, the share of newly listed homes compared to active daily inventory hit a historical high of 44.4%, 17.3 percentage points higher than last year and 15.1 percentage points above typical levels seen in 2017 to 2019. This is a reflection of quickly selling homes and, for buyers, it means that while they can expect fresh new listings every week, they will have to be prepared to move quickly on desirable homes.”

As for newly built homes, builders are also confident about what’s ahead for housing inventory. Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), shares:

Builder confidence in the market remains strong due to a lack of resale inventory, low mortgage interest rates, and a growing demographic of prospective home buyers.”

Things are starting to look up for residential real estate inventory. As the country continues to reopen, more houses are likely to be listed for sale. However, as long as buyer demand remains high, it will take time for the balance between supply and demand to truly neutralize.

Bottom Line

Although it may be challenging to find a house to buy in today’s market, there is hope on the horizon. Let’s connect to talk about your home search so we can find your dream home this summer.

Posted in Real Estate News
June 14, 2021

The Right Expert Will Guide You Through This Unprecedented Market

 

In a normal market, it’s good to have an experienced guide coaching you through the process of buying or selling a home. That person can advise you on important things like pricing your home correctly or the first steps to take when you’re ready to buy. However, the market we’re in today is far from normal. As a result, an expert isn’t just good to have by your side – an expert is essential.

Today’s housing market is full of extremes. Mortgage rates hovering near record-lows are driving high buyer demand. On the other hand, an absence of sellers is creating record-low housing inventory. This imbalance in supply and demand is leading to a skyrocketing rate of bidding wars and more houses selling over their asking price. This is driving home price appreciation and gains in home equity. These market conditions aren’t just extreme – they can be overwhelming. Having a trusted expert to coach you through the process of buying and selling a home gives you clarity, confidence, and success through each step.

Here are just a few of the ways a real estate expert is invaluable:

  • Contracts – We help with the disclosures and contracts necessary in today’s heavily regulated environment.
  • Experience – We’re well-versed in real estate and experienced with the entire sales process, including how it’s changed over the past year.
  • Negotiations – We act as a buffer in negotiations with all parties throughout the entire transaction while advocating for your best interests.
  • Education – We simply and effectively explain today’s market conditions and decipher what they mean for your individual goals.
  • Pricing – We help you understand today’s real estate values when setting the price of your home or making an offer to purchase one.

A real estate agent can be your essential guide through this unprecedented market, but truth be told, not all agents are created equal. A true expert can carefully walk you through the whole real estate process, look out for your unique needs, and advise you on the best ways to achieve success. Finding the right agent should be your top priority when you’re ready to buy or sell a home.

So, how do you choose the right expert?

It starts with trust. You’ll have to be able to trust the advice your agent is going to give you, so make sure you’re connected to a true professional. An agent can’t give you perfect advice because it’s impossible to know exactly what’s going to happen at every turn – especially in this unique market. A true professional expert can, however, give you the best possible advice based on the information and situation at hand, helping you make the necessary adjustments and best decisions along the way. The right agent – the professional – will help you plan the steps to take for success, advocate for you throughout the process, and coach you on the essential knowledge you need to make confident decisions toward your goals. That’s exactly what you want and deserve.

Bottom Line

It’s crucial right now to work with a real estate expert who understands how the market is changing and what that means for home buyers and sellers. If you’re planning to make a move this year, let’s connect so you have someone who can answer your questions, give you the best advice, and guide you along the way.

Posted in Real Estate News
June 9, 2021

Home Price Appreciation Is as Simple as Supply and Demand

Home price appreciation continues to accelerate. Today, prices are driven by the simple concept of supply and demand. Pricing of any item is determined by how many items are available compared to how many people want to buy that item. As a result, the strong year-over-year home price appreciation is simple to explain. The demand for housing is up while the supply of homes for sale hovers at historic lows.

Let’s use three maps to show how this theory continues to affect the residential real estate market.

Map #1 – State-by-state price appreciation reported by the Federal Housing Finance Agency (FHFA) for the first quarter of 2021 compared to the first quarter of 2020:Home Price Appreciation Is as Simple as Supply and Demand | MyKCMAs the map shows, certain states (colored in red) have appreciated well above the national average of 12.6%.

Map #2 – The change in state-by-state inventory levels year-over-year reported by realtor.com:Home Price Appreciation Is as Simple as Supply and Demand | MyKCM

Comparing the two maps show a correlation between change in listing inventory and price appreciation in many states. The best examples are Idaho, Utah, and Arizona. Though the correlation is not as easy to see in every state, the overall picture is one of causation.

The reason prices continue to accelerate is that housing inventory is still at all-time lows while demand remains high. However, this may be changing.

Is there relief around the corner?

The report by realtor.com also shows the monthly change in inventory for each state.

Map #3 – State-by-state changes in inventory levels month-over-month reported by realtor.com:Home Price Appreciation Is as Simple as Supply and Demand | MyKCMAs the map indicates, 39 of the 50 states (plus the District of Columbia) saw increases in inventory over the last month. This may be evidence that homeowners who have been afraid to let buyers in their homes during the pandemic are now putting their houses on the market.

We’ll know for certain as we move through the rest of the year.

Bottom Line

Some are concerned by the rapid price appreciation we’ve experienced over the last year. The maps above show that the increases were warranted based on great demand and limited supply. Going forward, if the number of homes for sale better aligns with demand, price appreciation will moderate to more historical levels.

Posted in Real Estate News
June 2, 2021

What’s Motivating People To Move Right Now?

 

 

This year, Americans are moving for a variety of reasons. The health crisis has truly reshaped our lifestyles and our needs. Spending so much more time in our current homes has driven many people to reconsider what homeownership means and what they find most valuable in their living spaces.

According to the 2020 Annual National Movers Study:

“For customers who cited COVID-19 as an influence on their move in 2020, the top reasons associated with COVID-19 were concerns for personal and family health and wellbeing (60%); desires to be closer to family (59%); 57% moved due to changes in employment status or work arrangement (including the ability to work remotely); and 53% desired a lifestyle change or improvement of quality of life.”

With a new perspective on homeownership, here are some of the reasons people are reconsidering where they live and making moves right now.

1. Working from Home

Remote work became the new norm, and for some, it’s persisting longer than initially expected. Many in the workforce today are discovering they don’t need to live so close to the office anymore and they can get more for their money if they move a little further outside the city limits. Apartment List notes:

“The COVID pandemic has sparked a rebound in residential migration: survey data suggest that 16 percent of American workers moved between April 2020 and April 2021, up from 14 percent in 2019 and the first increase in migration in over a decade… One of the major drivers in this trend is remote work, which expanded greatly in response to COVID and will remain prevalent even after the pandemic wanes. No longer tethered to a physical job site, remote workers were 53 percent more likely to move this past year than on-site workers.”

If you’ve tried to convert your guest room or your dining room into a home office with minimal success, it may be time to find a larger home. The reality is, your current house may not be optimally designed for this kind of space, making remote work very challenging.

2. Room for Fitness & Activities

Staying healthy and active is a top priority for many Americans, and dreams of having space for a home gym are growing stronger. A recent survey of 4,538 active adults from 122 countries noted the three fastest-growing fitness trends amongst active adults:

  • At-home fitness equipment (up 50%)
  • Personal trainers/nutritionists (up 48%)
  • Online fitness courses, classes, and subscriptions (up 17%)

Having room to maintain a healthy lifestyle at home – physically and mentally – may prompt you to consider a new place to live that includes space for at-home workouts, hobbies, and activities for your household.

3. Outdoor Space

Better Homes & Gardens recently released the outdoor living trends for this year, and three of them are:

  • Outdoor Kitchens: 60% of homeowners are looking to add outdoor kitchens.
  • Edible Garden: Millions of people began gardening during the pandemic . . . to supplement pantries with homegrown fruits, vegetables, and herbs.
  • Secluded Spaces: As outdoor activity increases, so does the need for privacy.

You may not, however, currently have the space you need for these designated areas – inside or out.

Bottom Line

If you’re clamoring for more room to accommodate your changing needs, making a move may be your best bet, especially while you can take advantage of today’s low mortgage rates. It’s a great time to get more home for your money, just when you need it most.

Posted in Real Estate News
May 21, 2021

Brevard County Real Estate Market | Brevard County, FL | Market Update...Housing Statistics from Q1 2021 | CENTURY 21 Ocean

 

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A Lack of Supply.

Let’s break down the differences between now and the 2008 housing crash

What in the world is up with this Seller’s market?! Many are asking this question. If you’re a Buyer, you might be wondering what to do to get your offer accepted. Do I need to offer to have my firstborn child named after the Seller? If you’re a Seller, where is the peak, and when should I plan to list? What we do know is that this is nothing like 2008! It’s the exact opposite. This time, the housing supply is at a historic low. Demand is real and rightly motivated. Even if there were to be a drop in prices, homeowners have enough equity to weather a dip in home values. Let’s break down the differences between now and the 2008 housing crash:

Population growth:

Our population has almost doubled in size since the 1950’s yet housing has not kept pace. Millennials: The largest generation in the country has come of age to marry and have children, two primary drivers for homeownership. Our elderly are living longer. The ‘silver tsunami’ will be here for quite some time.

Health crisis: 2020 challenged every household to redefine the meaning of “home” and re-evaluate whether their current home meets that new definition.

Record low mortgage interest rates:

The desire to own, coupled with historically low rates, makes purchasing a home today a strong, sound financial decision.

Lending standards:

Though it has gradually become easier to get a mortgage since 2011, we are nowhere near some of the irresponsible lending practices from 2004-2007. Back then, you could practically get a mortgage if you had a pulse. Not so now.

Households have plenty of equity:

Again, during the housing boom, it wasn’t just purchasers who got caught up in a frenzy. Existing homeowners started using their homes like ATMs. There was a wave of cash-out refinances, which enabled homeowners to leverage the equity in their homes. That left many homeowners with little or no equity in their homes at a critical time. As prices began to drop, some homeowners found themselves in a negative equity situation where the mortgage was higher than the value of their home. Many defaulted on their payments, which led to an avalanche of foreclosures.

Bottom Line:

If you’re looking for a home to live in for more than a few years, you will likely ride out any pullbacks in pricing. For those planning to “wait out this seller’s market,” you may find yourself getting priced out of the market entirely, OR instead of getting the 4/2 you want, only be able to afford a 3/2. Also, the US currently has the highest number of licensed realtors in history, with many of them un-trained to advise you effectively. We urge you to practice sound financial planning and hire a full-time, professional real estate agent that knows the market and cares about your results. We’d love the opportunity to work with you and are here to help!

-Barbara Schluraff ~ Broker/Owner

 
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  • Mortgage pre-approval means a lender has reviewed your finances and, based on factors like your income, debt, and credit history, determined how much you’re qualified to borrow.
  • Being pre-approved for a loan can give you clarity while planning your homebuying budget, confidence in your ability to secure a loan, and a competitive edge in a bidding war.
  • In today’s market, connecting with a lender to get pre-approved may be the game-changer that helps you secure your dream home.
 
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Congratulations WEGO! They just hit $101,132 in donations for the orphanage new home build! Read More About The Home Here!

 
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Did you know there are more slaves in the world today than any other time in history? Human trafficking is the fastest growing criminal enterprise in the world, and we are determined to do something about it! I hope you will consider supporting us as we come together and hike for FREEDOM! We are partnering with Rescue Freedom International because we love the work they are doing around the world to bring hope and healing to those in slavery. We have the gift of living free and want to use that gift to set people free! Thank you for joining us!

Barbara will be traveling to Wind River, Wyoming this fall for another hike to help bring awareness to sexual slavery.

Millions of people are victims of sexual slavery.

Every day, women and children endure sexual, physical, and emotional abuse without an end in sight. But you can help.

DONATE NOW - Link Below!

GOAL OF $1500 IN DONATIONS
 
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We've teamed up with WEGO to offer a $15,000 Matching Funds campaign to better care for the kids at New Hope Children’s Home in Gachuurt, Mongolia!

We Did It!

Total Matched: $15,000 of $15,000 !!!!!

Learn More About The Home Build
 

Whether you're a buyer or seller, our team has everything you need to make the best financial decision with your property. We've worked hard to refine our process and make the home buying or selling experience easy, effective, and efficient. Rest assured our expert team will walk you through the process step by step. A real estate team gives the customer more! MORE experienced and specialized agents are working on your behalf. Our agents specialize in working with buyers or sellers in all areas of Brevard County. Each customer gains our combined real estate market and local knowledge because our customer concierge has matched you with an agent suited to fit your needs and your Dream Home list! We have transaction coordinators, a customer concierge, buyers specialists, a listing management team, and much more. Hire our CENTURY 21 Ocean Real Estate Team today and see how working with a group is THE way to buy and sell your home with confidence.

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Hire A Team. Not One Agent.

 
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To ensure you make the right choice for the long term, a CENTURY 21 Ocean Agents offer extensive knowledge in:

Neighborhoods

Mortgage specialists who can assist you with your financing

Search for Real Estate Properties near Preferred School

Customer Testimonials

Mortgage Calculators

 
 
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Check Out The VIEW from Loft 117 now for RENT!

MORE RENTAL INFO HERE!
 
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A quick recap of the Brevard County Residential Report for Q1 2021:

  • Closed Sales are up +17.5% for Q1 2021 in which the number of units closed was 2,677 compared to 2,279 in Q1 2020, with an increase in cash sales of +23.7%.
  • New Pending Sales are up +14.4% and New Listings are down -8.7%.
  • The Median Sales Price for Brevard Single Family homes is up +9.1% to $275,000 compared to a year ago, which was $252,000.
  • Months Supply of Inventory is down -66.7% to 0.9 months, a decrease from 2.7 months in Q1 2020.
  • Traditional Sales are up +19.9%, with a median sales price of $275,000.
  • Foreclosure/REO Sales are down -78.9%, with 12 closed sales and a median sales price of $220,000.
  • Short Sale Closings are up +33.3% with 8 closed sales and a median sales price of $220,000.
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A quick recap of the Brevard County Townhouses/Condos for Q1 2021:

  • Closed Sales are up +23.8% for Q1 2021 in which the number of units closed was 826 compared to 667 in Q1 2020, with an increase in cash sales of +30.4%.
  • New Pending Sales are up +40.5% and New Listings are up +2.0%.
  • Median Sales Price for Townhomes/Condos is up +13.5% to $219,000 compared to a year ago, which was $193,000.
  • Months Supply of Inventory is down -62.9% to 1.3 months in Q1 2021 from 3.5 months in Q1 2020.
  • Traditional Sales are up +24.4%, with a median sales price of $218,500.
  • Foreclosure/REO Sales are down -75.0%, with a median sales price of $580,000.
  • Short Sale Closings are unchanged with 0 closed sales in Q1 2021 and 0 closed sales in Q1 2020.
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As trained real estate professionals, we can help you get the results you want. From the very beginning, we will work together to define your needs and develop a plan for achieving your real estate goals. Throughout the process, we’ll keep those goals and your best interests in mind, and we’ll work hard to make sure all of your expectations are met. We won’t give up until the job is done to your satisfaction. When we work together, you can expect nothing less than the best. We have a history of satisfied customers, and I hope you’ll be next.

Give us a call today if you’re ready to get started.

 
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Our wide range of Brevard homes for sale go from beachfront, to riverfront, to condos, and more. Search our featured properties below for detailed listings in each Brevard County Community.

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Posted in Real Estate News
May 18, 2021

Americans See Real Estate as a Better Investment Than Stocks or Gold

 

Last month, in a post on the Liberty Street Economics blog, the Federal Reserve Bank of New York noted that Americans believe buying a home is definitely or probably a better investment than buying stocks. Last week, a Gallup Poll reaffirmed those findings.

In an article on the current real estate market, Gallup reports:

“Gallup usually finds that Americans regard real estate as the best long-term investment among several options — seeing it as superior to stocks, gold, savings accounts and bonds. This year, 41% choose real estate as the best investment, up from 35% a year ago, with stocks a distant second.”

Here’s the breakdown:Americans See Real Estate as a Better Investment Than Stocks or Gold | MyKCM 

The article goes on to say:

“The 41% choosing real estate is the highest selecting any of the five investment options in the 11 years Gallup has asked this question.”

Is real estate really a secure investment right now?

Some question American confidence in real estate as a good long-term investment right now. They fear that the build-up in home values may be mirroring what happened right before the housing crash a little more than a decade ago. However, according to Merrill Lynch, J.P. Morgan, Morgan Stanley, and Goldman Sachs, the current real estate market is strong and sustainable.

As Morgan Stanley explains to their clients in a recent Thoughts on the Market podcast:

“Unlike 15 years ago, the euphoria in today’s home prices comes down to the simple logic of supply and demand. And we at Morgan Stanley conclude that this time the sector is on a sustainably, sturdy foundation . . . . This robust demand and highly challenged supply, along with tight mortgage lending standards, may continue to bode well for home prices. Higher interest rates and post pandemic moves could likely slow the pace of appreciation, but the upward trajectory remains very much on course.”

Bottom Line

America’s belief in the long-term investment value of homeownership has been, is, and will always be, very strong.

 

Posted in Real Estate News
May 14, 2021

Experts Say Home Prices Will Continue to Appreciate

 

It’s clear that consumers are concerned about how quickly home values are rising. Many people fear the speed of appreciation may lead to a crash in prices later this year. In fact, Google reports that the search for “When is the housing market going to crash?” has actually spiked 2450% over the past month.

In addition, Jim Dalrymple II of Inman News notes:

“One of the most noteworthy things that came up in Inman’s conversations with agents was that every single one said they’ve had conversations with clients about whether or not the market is heading into a bubble.”

To alleviate some of these concerns, let’s look at what several financial analysts are saying about the current residential real estate market. Within the last thirty days, four of the major financial services giants came to the same conclusion: the housing market is strong, and price appreciation will continue. Here are their statements on the issue:

Goldman Sachs’ Research Note on Housing:

“Strong demand for housing looks sustainable. Even before the pandemic, demographic tailwinds and historically-low mortgage rates had pushed demand to high levels. … consumer surveys indicate that household buying intentions are now the highest in 20 years. … As a result, the model projects double-digit price gains both this year and next.”

Joe Seydl, Senior Markets Economist, J.P.Morgan:

“Homebuyers—interest rates are still historically low, though they are inching up. Housing prices have spiked during the last six-to-nine months, but we don’t expect them to fall soon, and we believe they are more likely to keep rising. If you are looking to purchase a new home, conditions now may be better than 12 months hence.”

Morgan Stanley, Thoughts on the Market Podcast:

“Unlike 15 years ago, the euphoria in today’s home prices comes down to the simple logic of supply and demand. And we at Morgan Stanley conclude that this time the sector is on a sustainably, sturdy foundation . . . . This robust demand and highly challenged supply, along with tight mortgage lending standards, may continue to bode well for home prices. Higher interest rates and post pandemic moves could likely slow the pace of appreciation, but the upward trajectory remains very much on course.”

Merrill Lynch’s Capital Market Outlook:

“There are reasons to believe that this is likely to be an unusually long and strong housing expansion. Demand is very strong because the biggest demographic cohort in history is moving through the household-formation and peak home-buying stages of its life cycle. Coronavirus-related preference changes have also sharply boosted home buying demand. At the same time, supply is unusually tight, with available homes for sale at record-low levels. Double-digit price gains are rationing the supply.”

Bottom Line

If you’re concerned about making the decision to buy or sell right now, let’s connect to discuss what’s happening in our local market.

Posted in Real Estate News
May 14, 2021

When It Comes To Selling a House, Your Time Is Money

 

Some Highlights

  • Selling a house is no small task. If you decide to try to do it on your own, keep in mind you’ll be responsible for all the expert-level work of a real estate professional.
  • The vital tasks an agent manages for you include listing and marketing your house, handling legal documentation, negotiating with all parties, and navigating local laws and regulations.
  • If you’re ready to sell while the market is in your favor, let’s connect to make sure you have the professional expertise you need every step of the way.

 

Posted in Real Estate News
May 13, 2021

An Inventory Desert

 

Homebuyers are flooding the housing market right now to take advantage of record-low mortgage rates. Many have a sense of urgency to find a home soon since experts forecast a steady rise in both rates and home prices this year and next. As a result, buyer demand greatly outweighs the current housing supply. Here’s how the shortage of houses for sale sets yours up to be the oasis in an inventory desert.

According to the National Association of Realtors (NAR), today’s housing inventory sits at an incredibly low 2.1-month supply, far below the 6-month mark for a neutral market. Inventory of single-family homes a year ago was already very low, and as you can see in the graph below, this year’s levels are even lower:Your House Could Be the Oasis in an Inventory Desert | MyKCM

Due to these market conditions, today’s buyers frequently enter fierce bidding wars while trying to purchase a home. This in turn drives up home prices and gives sellers incredible leverage in the negotiation process, two big wins if you’re going to sell your house this year.

Bottom Line

In such a hot market, it can feel as though the supply of homes has virtually dried up, leaving buyers to wander in an inventory desert. That’s why there’s never been a better time to sell. To a parched buyer needing to secure a home as soon as possible, your house could be a true oasis.

Posted in Real Estate News
May 10, 2021

3 Graphs Showing Why You Should Sell Your House Now

 

There’s no doubt that 2021 is the year of the seller when it comes to the housing market. If you’re a homeowner thinking of moving to better suit your changing needs, now is the perfect time to do so. Low mortgage rates are in your favor when you’re ready to purchase your dream home, and high buyer demand may give you the leverage you need to negotiate the best contract terms on the sale of your house. Here’s a look at what’s driving this sellers’ advantage and why there’s so much opportunity for homeowners who are ready to move this season.

1. Historically Low Inventory

The National Association of Realtors (NAR) explains:

 “Total housing inventory at the end of March amounted to 1.07 million units, up 3.9% from February’s inventory . . . Unsold inventory sits at a 2.1-month supply at the current sales pace, marginally up from February’s 2.0-month supply and down from the 3.3-month supply recorded in March 2020.”

Even with a slight rise in the number of houses for sale this spring, inventory remains near an all-time low (see graph below):3 Graphs Showing Why You Should Sell Your House Now | MyKCM

High buyer interest is creating a major imbalance between supply and demand, but as the small uptick in inventory shows, sellers are beginning to reenter the market. Selling your house now enables you to take advantage of buyer demand and get the most attention for your house – before more listings come to the market later this year.

2. Frequent Bidding Wars

As a result of the supply and demand imbalance, homebuyers are entering bidding wars at an accelerating rate. NAR reports the average number of bids received on the most recently closed sales is 4.8 offers. This number has doubled since the first quarter of 2020 (See graph below):3 Graphs Showing Why You Should Sell Your House Now | MyKCM

As buyers face increasingly tough competition while searching for homes to purchase, they’re more likely to be flexible and generous in their negotiations. This gives a seller the opportunity to choose the best buyer for their needs and be selective about things like time to close, contingencies, renovations, and more. Working with your trusted agent is the best way to determine how to navigate the negotiation process when selling your house.

3. Days on the Market

In today’s market, sellers aren’t waiting very long to find a buyer for their house, either. NAR reports:

Properties typically remained on the market for 18 days in March, down from 20 days in February and from 29 days in March 2020. 83% of the homes sold in March 2021 were on the market for less than a month.” (See graph below):

3 Graphs Showing Why You Should Sell Your House Now | MyKCMNAR Chief Economist Lawrence Yun explains:

“The sales for March would have been measurably higher, had there been more inventory…Days-on-market are swift, multiple offers are prevalent, and buyer confidence is rising.”

Bottom Line

If you’re thinking about moving, these three graphs clearly show that it’s a great time to sell your house. Let’s connect today so you can learn more about the opportunities in our local area.

Posted in Real Estate News