“Nothing for sale.” This is the biggest complaint consumers currently have. The sentiment is shared by Realtors everywhere. According to Fannie Mae Economic and Housing Outlook on Fanniemae.com, the number of consumers who think now is a good time to buy has fallen 5 percent over the last two months. The marketplace for starter homes has the tightest supply. As well, new construction spending has fallen over the past 3 months.
According to Doug Duncan, Chief Economist at Fannie Mae, “Housing seems to have hit a soft patch, with residential investment likely posting a second consecutive quarterly decline last quarter despite positive labor market and mortgage rate trends.”
According to the National Association of Realtors, pending home sales have fallen for the third straight month. As fewer homes come on the market for the fall and winter, supply will continue to become weaker and weaker.
With the current shortage of inventory, now is the best time to sell. Sellers are commanding top dollar for their homes and time on market has been drastically reduced. In fact, an analysis of the local Real Estate Information Network shows a great increase in the pending sales of starter homes and a drastic decrease in time on market.
Buyers should be aware that homes marketed at a fair price today will be gone tomorrow. In the past two months, I have written several contracts that were not accepted because another interested buyer offered an amount above list price. Interest rates are at a historical low and should be taken advantage of.
List it today and it will be gone tomorrow. Buy it today or it will be gone tomorrow. Regardless, give me a call at 757-434-3101.