Every summer, families across the country decide if this will be the year they sell their current house and move into their dream home.
Mortgage rates have hovered in the mid to low 4’s for almost a year now, giving more and more buyers the opportunity to buy their dream home. Combine this with that fact that inventory levels of homes for sale have dropped dramatically as compared to this time last year — and this results in extremely strong demand for homes RIGHT NOW!!
Trulia reported that “U.S. home inventory has tumbled 8.9% over the past year and has now fallen for nine consecutive quarters.” There is now 20% less inventory than there was five years ago.
See the chart below, which shows the decrease in inventory levels broken down by category:
The Demand for your home is extremely strong right now while your competition (other homes for sale) is at a historically low level. If you’ve been thinking of selling, now may be the perfect time.