Some people don’t think of putting their home on the market in the autumn – but this year is different! So if you’re thinking of selling your Barnegat home? You should do it today!
That headline might be a little aggressive; however, as August/September 2017’s housing market data begins to roll in, we can definitely say one thing: If you are considering selling your home, IT IS TIME TO LIST YOUR BARNEGAT HOME TODAY!
In a recent article by CBS News, they explained that the number of existing home sales is shrinking, and Lawrence Yun, Chief Economist for the National Association of Realtors, said: “There should be 3 million homes on the market right now…Yet, there are only 1.9 million.”
In Barnegat there are only 179 homes on the market, there was 228 last year at this time; a reduction of almost 9%. With Barnegat home prices up by 11.65% and available homes for sale down, now is the time to list.
What’s You Barnegat Home Worth – Get a FREE, Instant Valuation.
And this situation will be affected greatly by recent natural disasters. Yun continued by saying:
“Before the hurricanes I would have predicted 1.35 million in new-home construction in 2018…I’ll have to scale that down now.”
NAR, in their August 2017 Realtors® Confidence Index , indicated that:
“Amid sustained job creation and sustained historically low mortgage rates, REALTORS® reported…that buyer demand is stronger compared to conditions one year ago… and that fifty percent of properties were on the market for less than one month when sold.”
The only challenge to today’s market is a severe lack of inventory. A balanced market would have a full six-month supply of homes for sale. Currently, there is only a 4.2-month supply of inventory nationally, which is down from 4.5 months one year ago. Barnegat currently has a 5.4-month supply, still below the “normal” rate of 6 months.
Bottom Line
With demand increasing and supply dropping, this may be the perfect time to get the best price for your Barnegat home. Let’s get together and discuss the inventory levels in your neighborhood to determine your next steps.
As always, thank you for your time and feel free to get in touch if you have any questions. Karl Hess, Keller Williams Shore Properties - #1 Real Estate Office in Ocean County
Comments(1)