Home Inventory Logic
If you are one of the many homeowners out there who are debating putting their house on the market this year, don’t miss out on the great opportunity you have right now!
The latest Existing Home Sales Report from The National Association of Realtors (NAR), reveals that the inventory of homes for sale has dropped to a 5.1-month supply. Historically, a 6-month supply is necessary for a ‘normal’ market, as explained below:
There are more buyers that are ready, willing and able to buy now, than there has been in years! The supply of homes for sale is not keeping up with the demand of these buyers. We are experiencing this shortage of inventory in Riverside as well. According to Lawrence Yun, Chief Economist for NAR, the most recent numbers available show that solid sales gains are being seen for May 2015 figures. However, he also noted that:
“Overall supply still remains tight, homes are selling fast and price growth in many markets continues to teeter at or near double-digit appreciation. Without solid gains in new home construction, prices will likely stay elevated — even with higher mortgage rates above 4 percent.”
With the average number of days on the market at less than a month, right now is an excellent time to list your home. Our inventory in Riverside is below the 5 month mark so we are most definitely in a seller’s market. Listing your home now will give you the most exposure to buyers who will be competing against each other to buy your home.
Call the Ransom-McKenzie Team today to help you navigate through the process of selling or buying your home. We have the experience you’ll need to make the process as stress free as possible.