The National Association of Realtors (NAR) released the results of their latest Existing Home Sales Report which revealed that home sales declined 0.6% to a seasonally adjusted annual rate of 5.38 million in June from 5.41 million in May, and are 2.2% below a year ago. Some may look at these numbers and think that now is a bad time to sell their house, but in fact, the opposite is true.
- Since Aug 2015 - prices have been climbing to never before seen levels.
- March 2018 was the high point of values with 3.5 months of inventory.
- Inventory is climbing and prices have been trending down since July.
- 74% of people that own a house right now feel it's a good time to sell.
- Home values and seller expectations are as close as they have been in over a decade.
- Values have dropped in most major metro areas over the last 2 months.
(Which they should be going up as it's the peak of the season)
- Mortgage rates are a forgone conclusion to go in one direction.......... up.
What does it all mean?
It's true, Inventory remains constricted, but all indicators point to the fact that HOME VALUES ARE DROPPING UNDER THE WEIGHT OF PRICES. The #1 reason to get your home on the market now is the tide is turning for the remainder of the year with more sellers feeling it's a good time to sell, thus increasing inventory. (Competition)
If you are one of the many homeowners who are debating listing your house for sale this year, your 3-4 month plan just became a 1 month plan if you want to maximize your exit price.
Don't miss the peak!
As a resident of Providence Plantation I look to provide fresh and relevant n'hood info. -Scott Russo