As I mentioned, the market changed quickly and drastically a couple of months ago. As the chart above shows, there were 51 fewer homes for sale in March than there were in March 2014. This occurred because houses that had been on a long time were sold and were not replaced with fresh inventory at a sufficient rate. Currently we have 279 houses on the market, not enough to satisfy the spring surge of buyers, which makes the process very discouraging. My own experience as a buyer is typical.
And I’m sold out. This is the first time in a very long time, and truthfully, I’m not a fan. So if you or anyone you know is thinking about selling a home, please think of me. The seller’s market is just what it says: very favorable for sellers. The prices are strong, and an accepted offer will happen quickly. None of us have a crystal ball, so there is some urgency to the concept of “no time like the present”.
If your concern is that okay, you can sell, but will you find anything to buy in time, Claudette Vickery from Santander Bank has a loan that functions like bridge loans used to. It allows a buyer to commit to a purchase without having a home sale contingency before the present home is sold. It’s a fabulous product in this market.
I welcome hearing from you!