I’ve been saying all along that the available inventory of homes for sale in this country has been dropping. Well guess what? It just dropped some more.
The available inventory of homes is normally a six month supply. We are now down to 4.3 month supply. The sales have slowed a little because there are less homes available. But that doesn’t mean the buyers are not out there. Also, due to the low inventory, prices have risen even more. The average price of a home now nationally is $263,800. And what is fueling all this? Interest rates, despite increases by the Federal Reserve, are still low, you can still get mortgages were under 4%.
So if you want to sell what does that mean? Since demand is strong, buyers are out in droves looking to make your house their dream house. If you price the home properly it should sell in a very reasonable amount of time.
And if you’re looking to buy what does all this mean? Since demand is strong, there’s a good chance you may end up a facing competition from someone else who wants to buy your dream home. The best thing that you can do is to be prepared. Speak with a mortgage professional to find out exactly how much you can afford. And get a pre-approval letter that can be submitted along with your offer. Once you see the home that you want, be prepared to act quickly.
And either way, if you’re a buyer or a seller, find a good Realtor to help you get through the process. Better yet, hire Bunny and Art to help you through the process