Why Right Now May Be the Time to Sell Your House

Why Right Now May Be the Time to Sell Your House | MyKCM

The housing market made an incredible recovery in 2020 and is now positioned for an even stronger year in 2021. Record-low mortgage interest rates are a driving factor in this continued momentum, with average rates hovering at historic all-time lows.

Why Right Now May Be the Time to Sell Your House | MyKCM

According to the latest Realtors Confidence Index Survey from the National Association of Realtors (NAR), buyer demand across the country is incredibly strong. That’s not the case, however, on the supply side. Seller traffic is simply not keeping up. Here’s a breakdown by state:As the maps show, buyer traffic is high, but seller traffic is low. With so few homes for sale right now, record-low inventory is creating a mismatch between supply and demand.

NAR also just reported that the actual number of homes currently for sale stands at 1.28 million, down 22% from one year ago (1.64 million). Additionally, inventory is at an all-time low with 2.3 months supply available at the current sales pace. In a normal market, that number would be 6.0 months of inventory – significantly higher than it is today.

What does this mean for buyers and sellers?

Buyers need to remain patient in the search process. At the same time, they must be ready to act immediately once they find the right home since bidding wars are more common when so few houses are available for sale.

Sellers may not want to wait until spring to put their houses on the market, though. With such high buyer demand and such a low supply, now is the perfect time to sell a house on optimal terms.

Bottom Line

The real estate market is entering the year like a lion. There’s no indication it will lose that roar, assuming inventory continues to come to market.

JULY 2020 Lake Conroe Area Real Estate Market Update

https://www.har.com//marketareavideos/detail/video/lake-conroe-area-july-2020-real-estate-market-update/438955823/87/?cid=HBUDDE <iframe width=”100%” height=”600″ src=”//player.vimeo.com/video/438955823?rel=0&autoplay=1″ allow=”autoplay” frameborder=”0″ allowfullscreen></iframe>
Thinking of Buying or Selling? Confused by conflicting reports of national averages and other headlines? We’re here to solve the puzzle for you.

Currently in our local market, we are seeing that historically low interest rates are driving buyer demand, while inventory of listings is down.

What does that mean to you?

For the buyers: Houses are selling quickly, competition among buyers is causing multiple offer situations on many properties, and prices are rising. Low rates are making buying a home possible for the first time for many consumers, and allowing dreams of second homes and vacation properties to come true for many others. Now is a prime time to buy a home, and if you find a home your in love with, act quickly because chances are someone else has their eye on it too.

For the sellers : Inventory is down as many homeowners are holding out listing their home at this time. Our area does not have the months of inventory that we had even a year ago. Sellers who list their homes are experiencing positive results. Buyers demand is up, and prices are increasing accordingly. It is a seller’s market at this time.

CLICK the link above to watch the Houston Association of Realtor’s July 2020 market Report for the greater Lake Conroe Area.

Lake Conroe Area July 2020 Real Estate market report