Things are changing in the housing market. Last month, pending home sales rose to the highest level in the last eight years and new listings jumped 26 percent. This means we are shifting from a buyer’s market into a seller’s market. If you’ve been waiting to sell your house, it’s time to put it on the market.
Home prices have gone up 15 percent, the highest they’ve been in five years. Sellers are getting closer to their asking price and selling their homes more quickly than last year.
Those rumors you’ve been hearing, the ones about that guy who couldn’t sell his house last year, took it off the market, then got a call from his agent suggesting he not only put it BACK on the market but raise the price? Yes, those rumors are true. Homes that have had “For Sale” signs in front of them for years are now boasting “SOLD” signs.
Owners who couldn’t afford to sell because they were underwater on their mortgages are becoming fewer. Data released last week by CoreLogic shows that 18.4 percent of all Twin Cities residential properties had negative equity January through March this year. That number is down from first quarter last year. However, listings aren’t meeting current demand.
Home prices may not be at their peak, but neither are home listings. The shortage of supply is still helping to bring up the selling price of homes. There is also a sense of urgency on the buyers as mortgage rates slowly increase, although they are predicted to remain relatively low for some time still. As the shift continues, we can expect home prices and inventory to increase, keeping things pretty well balanced out for sellers.
As we shift into a seller’s market, it’s still a great time to buy. If you need help selling or buying, Roger Fazendin has plenty of great agents who can help you make your move.