Interest rates fell to the low 3's this week. This releases more qualified buyers to the market place than earlier this year. Housing supply is still under the historical number of 6 months’
supply. In many markets, there are not enough homes for
sale to satisfy the number of buyers in that market. This is good news
for home prices. However, additional inventory is about to come to
There is a pent-up desire for many homeowners to move as they were
unable to sell over the last few years because of a negative equity
situation. Homeowners are now seeing a return to positive equity as real
estate values have increased over the last two years. Many of these
homes will be coming to the market in the near future.
Also, new construction of single-family homes is again beginning to increase. A recent study by Harris Poll revealed that 41% of buyers would prefer to buy a new home while only 21% prefer an existing home (38% had no preference).
The choices buyers have will continue to increase over the next few
months. Don’t wait until all this other inventory of homes comes to
market before you sell.
I am a specialist in the management and sale of bank owned AND investment properties throughout SE and Central Pennsylvania.
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