If you are debating whether or not to list your house for sale this year, here is the #1 reason not to wait!
Buyer Demand Continues to Outpace the Supply of Homes for Sale
The National Association of Realtors’ (NAR) Chief Economist Lawrence Yun recently commented on the current lack of inventory:
“Inventory coming onto the market during this year’s spring buying season – as evidenced again by last month’s weak reading – was not even close to being enough to satisfy demand.
That is why home prices keep outpacing incomes and listings are going under contract in less than a month – and much faster – in many parts of the country.”
The latest Existing Home Sales Report shows that there is currently a 4.1-month supply of homes for sale. This remains lower than the 6-month supply necessary for a normal market, and 6.1% lower than last year’s inventory level.
The chart below details the year-over-year inventory shortages experienced over the last 12 months:
Anything less than a six-month supply is considered a “seller’s market.”
Bottom Line
Meet with Stovall Team and we can show you the supply conditions in your neighborhood and assist you in gaining access to the buyers who are ready, willing, and able to buy right now!
In today’s competitive atmosphere, you need a professional on your side who not only knows the exact conditions in your market but can also help you take the steps you need to in order to secure your new home! Now, more than ever, who you work with matters! Our primary goal is to deliver the highest level of service available to each and every one of our clients. We strive to make each of our listings the best they can be. We are always willing to go the extra mile for our clients. Call the Stovall Team today reached at 714.343.9294 Visit stovallteam.com
+
The Wave Of Millennial Homebuyers Continues To Swell
Many have written about the millennial generation and whether or not they, as a whole, believe in homeownership as a part of attaining their American Dream.
Comparatively speaking, millennials have taken longer to obtain traditional milestones (like getting married, having kids and buying a home) than generations before them, but that does not mean that they do not aspire to still achieve those things.
For older millennials (aged 25-34) who have established themselves in their career and are starting to build their families, homeownership is the next logical choice. According to the Urban Institute’s State of Millennial Housing, the probability of a millennial becoming a homeowner increases by 17.9% if they are married, and by an additional 6.2% if they have children.
Last year, according to the US Census Bureau, the average age at first marriage was 30 for men and 27 for women, while the National Association of Realtors (NAR) reports that the average first-time homebuyer was 32 years old. With most of this generation having yet to age into the ‘Responsibility Zone’ (the time in their lives when their responsibilities start to dictate their behaviors), there will be a steady wave of buyers for years to come!
Those who are currently out in the market searching for a home are being met with a strong, highly competitive seller’s market. NAR’s Chief Economist Lawrence Yun recently commented,
If you are currently renting and thinking about jumping into the real estate market this year, contact the Stovall Team today at 714.343.9294 or email [email protected] We can help you navigate your market.