Listing your home in the winter attracts serious buyers who are looking to close quickly!
As our nation’s supply of build-able construction lots diminishes, interest in property is picking up! Almost 2/3’s of home builders are reporting a low or very low supply of available lots in their market centers. This is the highest reading of this data since tracking began in 1997 by the National Association of Home Builders. The supply of vacant developed lots has decreased by over 20% since 2011 across 80 major U.S. markets. This shortage has pushed the median single family lot prices to $45,000! The median price of homes sold in November (the latest data available) was $234,900, up 6.8% from last year and marking the 57th consecutive month with year-over-year gains.
The latest
Existing Home Sales Report from the
National Association of Realtors (NAR) revealed a direct correlation between a lack of inventory and rising prices.
We are all familiar with the concept of supply and demand. As the demand for an item increases the supply of that same item goes down, driving prices up.
Year-over-year inventory levels have dropped each of the last 18 months, as inventory now stands at a 4.0-month supply, well below the 6.0-month supply needed for a ‘normal’ market.
NAR’s Chief Economist, Lawrence Yun had this to say:
“Existing housing supply at the beginning of the year was inadequate and is now even worse heading into 2017. Rental units are also seeing this shortage. As a result, both home prices and rents continue to far outstrip incomes in much of the country.”
Bottom Line
Buyer demand continues to outpace the supply of homes for sale. Listing your home in the winter attracts serious buyers who are looking to close the transaction quickly.
#grandrapidsliving #lindapellrealty
