If you thought about selling your house this year, now may be the time to do it. The inventory of homes for sale is well below historic norms and buyer demand is skyrocketing. Home values have been on the rise the past couple of years giving most sellers the equity they need to make a move. Long ago we learned the concept of supply and demand: the best time to sell something is when supply of that item is low and demand for that item is high. That defines today’s real estate market.
Jonathan Smoke, Chief Economist at realtor.com, revealed in a recent article that:
“The biggest challenge to buyers this spring will be simply finding a home to buy and getting it successfully under contract. That’s because the supply of homes for sale is at an all-time low, and yet demand is strong and getting stronger.”
Smoke went on to say:
"We started the year with the lowest inventory of homes available for sale that we've ever seen on Realtor.com. While we did see inventory grow by 2% in February, total inventory was down 11% over last year."
Inventory was 31% lower in Feb. 2017 over Feb. 2016 in the Spokane area.
As a potential seller, you are in the drivers seat right now. It might be time to hit the gas!
I would love to share more and explore your options. Contact me for your free Market Analysis.
CRS, CNE, Realtor, Broker
RE/MAX of Spokane