Every seller wants to get the best price for their house. We learned in high school that the best price for any item will be determined by the demand for that item relative to the supply of that item.
We have reported that the inventory of houses for sale is well below normal numbers.
There is historical evidence that the demand for housing is about to increase dramatically. Each year, more homes sell in May, June, July and August than any other four months of the year. Here is a graph of homes sales last year by month:
You want to make sure your house is available for sale during peak selling season. If you are thinking of selling this year, contact a local real estate professional today.
The National Association of Realtors just released their 2015 Investment and Vacation Home Buyers Survey which revealed that vacation home sales boomed in 2014 to above their most recent peak level in 2006.
NAR Chief Economist Lawrence Yun said favorable conditions are driving second-home sales:
“Affluent households have greatly benefited from strong growth in the stock market in recent years, and the steady rise in home prices has likely given them reassurance that real estate remains an attractive long-term investment. Furthermore, last year’s impressive increase also reflects long-term growth in the numbers of baby boomers moving closer to retirement and buying second homes to convert into their primary home in a few years.”
The report shows:
- Vacation-home sales catapulted to an estimated 1.13 million last year
- This was the highest amount since NAR began the survey in 2003
- Vacation sales were up 57.4% from 717,000 in 2013
- Vacation-home sales accounted for 21 percent of all transactions in 2014, their highest market share since the survey was first conducted
If you have been considering that waterfront condo in Florida, that ranch in Wyoming or that special getaway you someday will retire to, maybe now is the time to act. Prices are good and mortgage rates are at historic lows. Contact a local real estate professional to help you put your dreams to a plan.
Whether you are a first time or a move-up buyer, there are two factors that will impact the amount of house you can afford in your price range: home prices & mortgage rates.
Let’s look at what the experts are predicting over the next twelve months for these two areas:
Continue reading Why Waiting To Buy Might Not Make Sense
The busy spring real estate season is here. Are you thinking of selling your house? Are you dreading having to deal with strangers walking through the house? Are you concerned about getting the paperwork correct?
Continue reading 5 Demands to Make on Your Listing Agent
That headline might be a little aggressive. However, as the data on the 2015 housing market begins to roll in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME!
Continue reading Hurry Up!! Call your Agent and List your House!!