I am loving this real estate market right now. The moment has arrived! Record breaking mortgage rates, the highest level of home affordability in years, increased demand, and a decrease of homes on the market- make this one of the best times to buy or sell a home in recent years!
According to Realtor.com the number of homes on the market has fallen 22% in the last month. In addition, asking prices have increased 6.8% as demand from buyers has increased. Inventory of homes on the market is estimated to be at a 6.1 month supply, which is the lowest level since 2006 when the housing market was at its peak. We are all experiencing the shortage of inventory in our market, making it an excellent time to sell your home. Good homes that are priced well are flying off the market to serious, well-qualified buyers.
Investors are also stepping up to the plate with the National Association of Realtors reporting that investors purchased 64.5% more homes in 2011 compared to the previous year. Existing home sales are on the rise at the fastest rate in 20 months with low mortgage rates and increased affordability for buyers and investors.
Now truly is one of the best times to buy or sell a home in recent years. Pricing remains sensitive and many buyers are still looking for a 'deal'; however, with the decrease in inventory, we are seeing many well priced properties go into multiple-over asking offers with very few days on the market proving that there are numerous motivated buyers out there.
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