Good News for Sellers

It’s a seller’s market. Inventory is at an 11-year low. This short supply drives price increases and allows sellers to ask for higher prices. Bidding wars are common again. Home prices are increasing meaning a higher equity. Fewer homeowners are underwater. Homes are selling faster. Mortgage interest rates are still low. Buyers will be in a rush to lock in before the interest rates increase. Mortgages will be easier to get due to the rising interest rates.

How Low Can It Go?

The inventory of homes for sale in November of 2013 was just shy 2.1 million Nationwide. This equals a 5.1 month supply and is indicative of a seller’s market, according to the latest data from the National Association of REALTORS. Six to 6.5 months of supply would be indicative of a balanced market.

The Price Is Up!

The average price of a single-family home in November was $244,300, according to the National Association of REALTORS. This was a 7.2% increase from November, 2012, and the highest price since August of 2008.

Going, Going, GONE!

Homes are selling faster as the buyers are outpacing the supply. In some areas, according to a Zillow survey, homes are selling like hot cakes. According to Realtor.com, homes were selling 11% faster in November 2013 than they were a year prior.

“All in all, it’s a good time for people to put their home up for sale,” says Celia Chen, senior director with Moody’s Analytics. Click to Tweet!

The Clock Is Ticking!

Buyers can still get an attractive mortgage deal but, the clock is ticking according to Bankrate.com, who recommends acting quickly to grab a low mortgage rate in 2014.

It Will Be Easier to Secure a Mortgage!

Rising interest rates mean that securing a mortgage will be easier in 2014. Lenders will potentially be forced to loosen their lending standards to compete for buyers due to their refinance business dwindling.

NOW may be the time for you to sell your home! Find out what your home is worth! Get a free, no-obligation market analysis!