We all realize that the best time to sell anything is when demand is high and the supply of that item is limited. The last two major reports issued by the National Association of Realtors (NAR) revealed information that suggests that now may be the best time to sell your house. Let’s look at the data covered by the latest Pending Home Sales Report and Existing Home Sales Report.
The report announced that pending home sales (homes going into contract) “surged” by 6.1%. The increase was “the largest month-over-month gain since April 2010, when first-time home buyers rushed to sign purchase contracts before a popular tax credit program ended”. Lawrence Yun, NAR’s chief economist, expects improving home sales throughout the rest of the year: “Sales should exceed an annual pace of five million homes in some of the upcoming months behind favorable mortgage rates, more inventory and improved job creation.” Takeaway: Demand is beginning to increase dramatically compared to earlier in the year.
The most important data point revealed in the report was not sales but instead the inventory of homes on the market (supply). The report explained:
There were two more interesting comments made by Yun in the report:
Takeaway: Supply is about to increase significantly. The supply of existing homes is already increasing and the number of newly constructed homes is about to increase.
If you are going to sell, now may be the time.
Resources: Keeping Current Matters, National Association of Realtors
Located in Sumner County, 18 miles NE of Nashville & 20 miles from Nashville’s International Airport, Hendersonville has become one of Tennessee’s fastest growing communities. Movoto Real Estate ranked Hendersonville as #5 in their 10 best suburbs in the country. Click here for current listings in Hendersonville TN.Tina Redding, Realtor, EXIT Real Estate Solutions, 103 Hazel Path Ct, Suite 2, Hendersonville TN 37075Cell (615)268-5985/Office (615)826-0001/Email firstname.lastname@example.org/homesbytinaredding.com
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