SELLERS MARKET VS BUYERS MARKET
Demand for housing is high, but supply is extremely low. NAR also just reported that nationally the actual number of homes currently for sale stands at 1.42 million, which is one of the lowest totals in almost three decades.
What does this mean for buyers and sellers?
Buyers need to remain patient in the search process. At the same time, buyers must be ready to act immediately once they find the right home.
Sellers may not want to wait until spring to put their houses on the market. With demand so high and supply so low, now is the perfect time to sell your house for the greatest dollar value and the least hassle.
A normal market is considered to have a 6-7 month supply of inventory to be considered balanced. We have seen and experienced in Tippecanoe County that a shortage of inventory tends to keep home prices strong and has resulted in multiple offers and bidding wars. Tight inventory is a main reason the ball is still in the sellers’ court. The inventory of existing homes for sale remains below the 6 months needed for a normal market and is now at a 1.57 month supply making it an incredible time to sell!
Sellers may not want to wait until spring to put their houses on the market. With demand so high and supply so low, now is the perfect time to sell your house for the greatest amount.
If you are considering making a move this year, contact our team to learn how much the value of your home has increased.
(per IRMLS – Tippecanoe County, Lafayette Board of Realtors, March 3rd 2020)