As I speak with fellow Realtors, we all agree on one thing. And that thing is that the number one reason sales are down from the previous year is that there is a lack of homes available on the market. And this is not only a local issue, rather it is the same across the country.
Sales of existing homes are down 1.5% from a year ago. And that is with home sales rising 0.7% month-over-month. Now, some people may think that is an indication that it is not a good time to sell. But if you look back at the previous paragraph, you will see the reason why that is not true. Actually the inventory of available homes, nation wide, has fallen for the past twenty eight months. And this is impacting the sale prices of homes and causing those prices to rise.
And the segment of the market that is hardest hit by the lack of inventory? The lower price range, which is typically starter homes. And the entire real estate market, from people purchasing their first home, to the Baby Boomers moving into the active adult communities, is being fueled by the first time buyer. And there are not enough homes for them to buy. It’s the good ole law of supply and demand. There is very little supply and a lot of demand. To read more about the law of supply and demand, read some previous blog posts at www.55PlusInOcean.com www.55PlusinMonmouth.com.
And make no mistake about it. Those buyers are out there looking for a home. And they could be looking for your home. According to the National Association of Realtors, the median time for a home to under contract in the past three months is only thirty four days. Really, thirty four days? We always used to look at the home supply being in the six month range.
So – if have been thinking of selling your home, now Is a great time to do so. Simply contact a good professional Realtor, like Bunny and Art Reiman (732-598-7700) to begin the process.
