Friday, November 6, 2020 / by Vanessa Saunders
Sellers Alert! Lack of Hudson Valley homes for sale makes this a prime time to list your home for sale.
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
If you had a discussion this week about whether or not to put your home on the market, we hope to hear from you soon, for YOUR sake! Nationally and in the Hudson Valley, there is a severe shortage of homes for sale, the ones on the market are selling fast, with full price offers and bidding wars popping up everywhere.
Don’t believe it? The National Association of Realtors (NAR) released the results of their latest Existing Home Sales Report which revealed that home sales declined 0.6% to a seasonally adjusted annual rate of 5.38 million in June from 5.41 million in May, and are 2.2% below a year ago. Some may look at these numbers and think that now is a bad time to sell their house, but in fact, the opposite is true.
The national slowdown in sales is directly tied to a lack of inventory available for the buyers who are out in the market looking for their dream homes! In fact, the inventory of homes for sale had fallen year-over-year for 36 consecutive months before posting a modest 0.5% gain last month and has had an upward impact on home prices.
NAR’s Chief Economist Lawrence Yun had this to say,
“It’s important to note that despite the modest year-over-year rise in inventory, the current level is far from what’s needed to satisfy demand levels. Furthermore, it remains to be seen if this modest increase will stick, given the fact that the robust economy is bringing more interested buyers into the market, and new home construction is failing to keep up.”
The few houses that are on the market are selling fast! According to NAR’s Realtors Confidence Index, properties were typically on the market for 26 days.
If you are one of the many homeowners who is debating listing your house for sale this year, the time is now! Meet with a Global Property Systems local area real estate specialist who can guide you through the process and explain the specifics of your market!