The housing crisis is finally in the rear-view mirror as the real estate market moves down the road to a complete recovery. Home values are up. Home sales are up. Distressed sales (foreclosures and short sales) have fallen dramatically. It seems that 2017 will be the year that the housing market races forward again.
However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. While buyer demand looks like it will remain strong throughout the winter, supply is not keeping up.
Under Contract in 20 days. Listed by: Coldwell Banker Residential Brokerage
The recent jump in mortgage rates has forced buyers off the fence and into the market, resulting in incredibly strong demand RIGHT NOW!! At the same time, inventory levels of homes for sale have dropped dramatically as compared to this time last year.
Since February 1, 2017, nearly 3000 properties in the DC metro have SOLD in under 14 DAYS! According to Lawrence Yun, Chief Economist at NAR:“Sparse inventory and affordability issues continue to impede a large pool of buyers’ ability to buy, which is holding back sales.”.
Listed by Coldwell Banker Residential Brokerage
If you are thinking of selling, now may be the time. Demand for your house will be strong at a time when there is very little competition. That could lead to a quick sale for a really good price.
Visit my blog at www.OnlineHouseHunt.com/blog for insight on local real estate market trends.