We have experienced a hot real estate market for the past few months, with well-priced homes often receiving multiple offers and even selling above the asking price. If you are thinking of selling, now is the time.
Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), reports that the month of May is showing signs of leveling off, with many buyers pausing while they wait for more inventory.
I expect more inventory to be coming in the next few months as sellers are encouraged by the comparable sales in their area. The “shadow” inventory I spoke of last month is starting to come on the market.
Growth in both the job market and household wealth are proving to have strong impact on sales. Right now is a good time to sell and still a good time to buy-a situation that is not the norm. Mortgage rates are exceptional, so it is a great time to lock in a good loan rate.
If you want to talk about our area, know that I am your advocate and will be watching the market for you.
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