If you are giving any serious thought to listing your house for sale in 2016, here is the #1 reason not to wait!
Buyer Demand Continues to Outpace the Supply of Homes For Sale
11,519 homes. Remember that number, because it's a BIG one (or technically a very, very SMALL one). Currently in the Twin Cities there are only 11,519 homes for sale, 19.3% fewer than one year ago (when there were 14,274) and far below the high of over 36,000 in mid-2007. 11,519 is the lowest number of active homes for sale in the Twin Cities at any point in the last 12 years - yes you read that right, t-w-e-l-v-e. Sellers, what are you waiting for? With interest rates showing signs of finally rising and inventory at its 12-year low, you may be staring your "perfect storm" right between the eyes.
The National Association of REALTORS’ (NAR)Chief Economist, Lawrence Yun recently commented on the inventory shortage:
“While feedback from REALTORS® continues to suggest healthy levels of buyer interest, available listings that are move-in ready and in affordable price ranges remain hard to come by for many would-be buyers.”
The latestExisting Home SalesReportshows that there is currently a 5.1-month supply of homes for sale nationally, and locally that figure is a shocking 2.8-month supply - also at a 12-year low just like the number of active homes for sale. Keep in mind that a 6-month supply is considered necessary for a normal, balanced market and we're well below that figure both locally and nationally.
The chart below details the year-over-year inventory shortages experienced in 2015 on a national level (for local stats contact me):
Anything less than a six-month supply is considered a“Seller’s Market”. Again, locally we're sitting at a historically low 2.8-month supply. Add to that the Twin Cities median home sales price is up 7.3% from last year and 12.3% from 2013, and the data just keeps getting better.
Meet with a local real estate professional who can show you the supply and overall market conditions in your city and neighborhood and assist you in gaining access to the buyers who are ready, willing and able to buy your house now!
My job as an agent is to represent you and your interests and do my best to protect you along the way. If you’re considering a home sale, now or in the future, please reach out to me. There are many ways my team and I can lower your stress and help you sell your house (and find a great new home too):
Welcome to the Fiorella Group @ RE/MAX Results. We’re thrilled that you’ve found us. Whether you’re looking to invest in a new home, planning to sell your current home, or simply have a question about real estate, our helpful and professional team is here to provide the information you’re looking for and guide you through each step in your buying or selling adventure.
It doesn't take a rocket scientist to know that a large number of home
"We have had the pleasure of working with Steve and his team on the sale of two houses and one purchase. Our last sale was a difficult one being that it was my childhood home and I sold it after my dad passed away. Steve handled everything with the most expertise and for that I will always be grateful. If we ever move back to Minnesota we will definitely use Steve to purchase our next home. Thanks, Steve!"