First, we'll start with the basic facts. Below are the statistics from May's market action report from our RMLS.
New listings rose to 3,833 for
the month. The last time the new
listings number was higher was in
July 2010, when there were 4,029
Total market time is
dropping as well—May saw an
average market time of 85 days.
Historically, that market time has
not been seen since July 2008, when
market time was just 72 days.
Thus, inventory continues to
shrink, and currently sits at 2.5
months. The last time it was lower
was May 2006, when it stood at 2.3
Second, let's look at the age-old adage of Supply Vs. Demand.
Our supply is very low right now, and there is a high demand of buyer's who don't want to wait for the market to "even out". The reason behind this is because interest rates are starting to rise, and quickly. They still want to get in while the interest rates are lower, but they can't seem to find a home! So that is where you, Mr. and Mrs. Seller, comes in! You can likely list your home, for more than you think it's worth during this time, without having to worry about many repairs or that coat of paint you've been meaning to apply.
It may surprise you very much how much your home is worth in today's market. I can do a no-obligation market analysis on your home, I mean it, no obligation, just to let you know what it could sell at in today's market!
What have you got to lose? The homeowner's have the upper hand right now, at 2.5 inventory, we need sellers!!!