In school, we all learned the theory of supply and demand. When the demand for an item is greater than the supply of that item, the price will surely rise.
The National Association of Realtors (NAR) recently reported that the inventory of homes for sale stands at a 3.8-month supply. This is considerably lower than the 6-month supply necessary for a normal market.
Every monthNARreports on the number of buyers out in the market looking for homes, which is also known as buyer traffic. As seen on the map below, buyer demand in March was strong or very strong in 45 out of 50 states nationwide, and Washington, DC.
Many buyers are being confronted with a very competitive market in which they mustcompetewith other buyers for their dream homes (if they are even able to find a home they wish to purchase).
Listing your house for sale now will allow you to capitalize on the shortage of homes for sale in the market, which will translate into a better pricing situation.
Many homeowners underestimate the amount of equity they currently have in their homes. According to a recent Fannie Mae study, 37% of homeowners believe that they have more than 20% equity in their homes. In reality, CoreLogic’s latest Equity Report tells us that 78.9% actually do!
If you are debating selling your home this year, let's meet up to evaluate the equity you have in your home, as well as the opportunities available in the Greenville market. Just give me a call or a text at (864)214-6247.
Author:Beth M Gaffer Phone: 919-271-1833 Dated: May 1st 2017 Views: 234 About Beth M: ...
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"When I met Gene Donohue, he was only a Buyers Broker, but now over the past few years, he now has become Buyers/ Seller Broker. We will be selling our home soon and Gene will be selling it for us. Looking forward to same performance that we got when Buying a home
I have known Gene for over two years now and even today when I have questions about the market, he always is there to help me understand. I can't say anything other than everything above is Excellent.
Purchase price was right where we needed it to be. Inspection of the home was flawless. When we closed, Gene had put together a full portfolio for us of every transaction from first offer to getting the appraisal. Gene was well prepared for the closing. "