Lack of Home Inventory Makes Now… Best Time To Sell
Lack of Home Inventory Makes Now… Best Time To Sell. The National Association of Realtors (NAR) released the results of their latest Existing Home Sales Report. It revealed that home sales rose 0.7% month-over-month, but remain 1.5% lower than they were a year ago. Some may look at these numbers and think that now is not a good 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! The inventory of homes for sale has fallen year-over-year for the last 28 months and has had an upward impact on home prices.
NAR’s Chief Economist Lawrence Yun had this to say,
“Home sales in recent months remain at their lowest level of the year and are unable to break through, despite considerable buyer interest in most parts of the country.
Realtors® this fall continue to say the primary impediments stifling sales growth are the same as they have been all year: not enough listings – especially at the lower end of the market – and fast-rising prices that are straining the budgets of prospective buyers.” (emphasis added)
Our local “Active Listings” supports NAR’s statements that lack of inventory is having the greatest impact.
“Active Listing” numbers through September 2017:
Claremont, CA. Housing Inventory – September 2016 – September 2017 – Down 2.5%
Claremont CA Active Listing Inventory 9_2017
Upland, CA. Housing Inventory – September 2016 – September 2017 – Down 9%
Claremont CA Active Listing Inventory 9_2017
Pomona, CA. Housing Inventory – September 2016 – September 2017 – Down 14.2%
Pomona CA Active Listing Inventory 9_2017
Lack of Home Inventory Makes Now… Best Time To Sell
The houses that are on the market are selling fast, too! According to NAR’s Realtors Confidence Index, the median number of days it took for a house to go from listed to under contract over the past three months was 34.
Bottom Line
If you’re a homeowner who’s debating listing your house for sale this year, the time is now! Let’s get together to discuss the specifics of our market!
Want to Sell your home? Text SELL to (714)880-8875 …We’ll send you our latest E-Book:
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