Monday, July 14, 2014

Two Reasons the National Association of Realtors Says Sell Now

There is no doubt about it the time to sell anything is when demand is high and the supply is low. The last two months of reports by the National Association of Realtors (NAR) shows that now just may be the best time to sell your Crow Wing County home.

Reason number one is the pending home sales report.  The latest report showed that pending home sales jumped by 6.1%. This is the largest month-over-month increase we have seen since April 2010.  At that time we saw first-time home buyer flooding the market to take advantage of the tax credit program before it ended. Chief economist, Lawrence Yun, for the NAR is expecting that we will continue to see home sales improving throughout 2014.  “Sales should exceed an annual pace of five million homes in some of the upcoming months behind favorable mortgage rates, more inventory and improved job creation.”  he said. This mean demand is increasing over what we saw last year.

Reason number two is existing home sales report.  Housing inventory climbed by 2.2%, this has resulted in a 5-6 month supply of homes at the current sales pace. Yun also said, “Rising inventory bodes well for slower price growth and greater affordability, but the amount of homes for sale is still modestly below a balanced market. Typically in real estate when we see less than a 6 month supply of inventory homes it is a seller’s market. We are about to see a drastic increase of the supply of existing homes, and the number of new homes. Now is the time to sell.

If you are looking to buy or sell a home in Crow Wing County this summer, contact me, Bill Grunewald. My team and I enjoy helping folks like you find just the right spot to live your northern Minnesota Lake Country dream.

 

Bill Grunewald/ Edina Realty.

Licensed in Minnesota/ Lic # 20204156