The Wall Street Journal recently put out an article on discussing how the market is turning from a buyers market to a sellers market.
I have seen this experienced first hand. I sold two homes in West Chester and Roxborough that were both on the market for less than a week.
Some of the statistics include:
The number of homes listed for sale in January fell by 4.9%, leaving 1.74 million properties on the market. That’s the lowest since December of 1999, when there were 1.71 million homes on the market. By contrast, there were 2.91 million homes on the market two years ago at this time.
The good news is that there’s a growing pool of buyers chasing a shrinking supply of homes. If the trend holds, prices will keep going up. At the current pace of sales, it would take just 4.2 months to sell the current supply of homes available for sale, down from a 6.2 months’ supply one year ago.
Investors have also been aggressive in buying up properties that are selling for less than their replacement cost.
Home sales could rise to 5.2 million units this year, an increase of nearly 12% from last year. This forecast is based on household formation and demographics, which both suggest rising demand for housing in the coming years, and affordability measures such as mortgage rates and home prices.
If you are looking to sell your home, contact me so that we can put devise a strategic plan to sell your home quickly and for as much as possible.