Just like our clocks this weekend in the majority of the country, the housing market is preparing to “spring forward!” Similar to tension in a spring, the lack of inventory available for sale in the market right now is what is holding back the market.
Many potential sellers believe that waiting until Spring is in their best interest, and traditionally they would have been right. Buyer demand has seasonality to it, which usually falls off in the winter months, especially in areas of the country impacted by arctic temperatures and conditions.
Demand for housing has remained strong as mortgage rates have remained near historic lows. Even with the recent increase in rates, buyers are still able to lock in an affordable monthly payment. Many more buyers are jumping off the fence and into the market to secure a lower rate.
The National Association of Realtors (NAR) recently reported that the top 10 dates sellers listed their homes in 2017 all fell in April, May, or June.
Those who act quickly and list now could benefit greatly from additional exposure to buyers prior to a flood of more competition coming to market in the next few months.
You need to start educating the buyers and sellers in your database and get them off the fence If they are planning on buying/selling in 2018.
1. BUYER DEMAND:
Buyers are out in force looking for their dream homes! Buyers are often competing with one another for the listings that are available! According to NAR, the median days on the market for a listing was only 42 days last month!
2. LESS COMPETITION:
Housing inventory is still under the 6-month supply that is needed for a normal housing market. This means that, in the majority of the country, there are not enough homes for sale to satisfy the number of buyers in the market.
3.NEVER A BETTER TIME:
Prices are projected to appreciate by 4.3% over the next year according to CoreLogic. If your clients are moving to a higher-priced home, it will wind up costing them more in both down payment & mortgage payment, if they wait.
4. TIME TO MOVE ON:
Discover the reasons they decided to sell in the first place and determine whether it’s worth them waiting. Perhaps the time has come for them to move on and start living the life they desire. It’s your job as the agent and the expert to find that desire.
At Appointments Today, our ISA’s are immersed in the market conditions and how they affect buyer and sellers. Our clients benefit greatly from this knowledge as we craft the messaging our Inside Sales Agents deliver to your leads to ensure we add the most value and achieve the greatest results.
If you’d like a demo of what we can do to help you grow your real estate business. Click here to schedule a time that works for you.