The average home sold at least a week faster in May than any other month so far in 2015, according to the latest RE/MAX National Housing Report.
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Why the frantic “land grab” in several metropolitan areas? The economy is continuing to improve, which can mean hopeful buyers are more confident about committing to a home of their own. Also, low interest rates are making mortgages much more affordable for people who've been renting, and those who may be discovering that a mortgage payment is just as much as, if not less than, rental rates in their areas. The result is that buyers are being added to the market faster than homes for sale.
What this means for home sellers:
A nice home in a growing market is a hot commodity, and your home could be just what local buyers are looking for. To take the most advantage of demand in your area, work with a trusted real estate agent who can help you determine an appropriate asking price based on the buyer activity in your local market – and a price that will attract the most competitive offers. Your agent also can help with your transition to your next place, which may prove to be a little tricky as you become a buyer yourself. But think of it this way: Selling your home when demand is up and buying your next place when interest rates are down could put you in a position where you're experiencing the best of both worlds. There's only one way to find out: Start exploring your options.
What this means for homebuyers:
Get ready to compete with other buyers, especially if you’re looking for homes in one of the more competitive markets. The average months supply of inventory nationally is currently 3.6, which means if no new properties were added to the market, it would take about three and a half months to sell all of the homes currently for sale. That's not much inventory. Some cities, such as San Francisco, Seattle and Dallas, have under a 2-month supply of homes for sale. With something as important as buying a home, don’t just put in an offer and hope for the best. Work with a trusted local agent who can provide tips and strategies for helping to ensure your offer stands out from the rest.
Find a local RE/MAX agent who can give you more insight on what the numbers mean in your area – and help you when you're ready to buy or sell.