May 27th, 2015
Planning on selling your home in the coming months? This decision could not have come at a better time. The demand for single family homes is high and supply is very low. Single family home sellers are benefiting from an auction like atmosphere with a multitude of buyers fighting for their next home. This environment promises higher sale prices and ridge-less conditions making the selling process a lot less difficult for both the sellers and their families.
It must be noted however, that there may be more competition about to surface. This competitor takes the form of newly constructed homes. This development may very well put an end to the limited single family home inventory therefore seizing the current buying frenzy for the limited inventory of single family homes. The inventory has been very low for over a year, these new homes in the market will definitely tip the scale.
In the most recent report from the National Association of Realtors (NAR) it was foreseen that construction of new homes and their sales will rise substantially in the next two years.With a new home national forecast of 1.1 million starting this year, and jumping to 1.4 million by 2016.
Locally single family homes sale price have risen in value contrasting the median sale price of $243,000 from April 2014. The current median sale price stands at $260,000; that is a 7.0% increase in just a years’ time. However, new property developing locally in the near future broadens the market. In turn causing your home sale revenue to be substantially less than what it would be in the current market.
Seeing a lot of new developments in your area? Looking to sell? With forecasts like these made by the National Association of Realtors, we highly advise selling sooner rather than later.