As the saying goes, “Springtime is for selling houses.” The months of April, May, June and July typically account for more than 40% of all housing transactions annually. This year, buckle up because we anticipate a huge amount of transactions and more than the usual amount of competition.
Since inventory is at record lows and home prices are on the upswing, here are three things to keep in mind:
Inventory Shortages:
The number of available homes has plunged to record lows, thanks to both an abnormally small supply of existing homes for sale and a dearth of new construction.
Increased Competition:
In addition to a dwindling supply of available homes, the number of buyers has surged. Prospective buyers need to be prepared to move fast once they find a property they’d like to buy. In most markets, we are officially in a “seller’s market”.
Less Distressed Deals:
The good news for housing as a whole is that, nationally, foreclosure activity is falling.
