The most recentPending Homes Sales Indexfrom theNational Association of Realtorsrevealed a slight bump in contracts with an increase of 1.6% in December. This news comes as existing home sales are also forecasted to be on pace for 5.54 million in 2017, a 1.7% increase over 2016, which was the best year for sales in a decade.
ThePending Home Sales Indexis a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed.
According toNAR’s Chief Economist, Lawrence Yun,
“Pending sales bounded last month as enough buyers fended off rising mortgage rates and alarmingly low inventory levels to sign a contract.”
So, what’s the problem?
Buyers are searching for existing homes, but supply is not keeping up with their demand!
Yun went on to explain,
“The main storyline in the early months of 2017 will be if supply can meaningfully increase to keep price growth at a moderate enough level for households to absorb higher borrowing cost.Sales will struggle to build on last year’s strong pace if inventory conditions don’t improve.” (emphasis added)
Buyers are out in force right now! If you are considering selling your home this year, the early months of 2017 will be your best option. Let’s get together to discuss how you can capitalize on current market conditions.
Author:Josh Zehnder Phone: 937-219-4870 Dated: February 9th 2017 Views: 154 About Josh: My commitment is to the Greater Dayton & Cincinnati areas. I have over 15 years of experience in the...
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About Berkshire Hathaway HomeServices Professional Realty
The Zehnder Group provides exceptional, experienced and trusted real estate support to local families in the Miami Valley. We are backed by the Berkshire Hathaway HomeServices brand. Whether buying a new home or selling your existing one, our quality expert staff is prepared to help you accomplish your real estate goals. Total customer satisfaction is our mission. The Zehnder Group, Experience Real Estate Excellence.
Here are four reasons to consider buying today instead of waiting.1. P
"Don helped me and my wife Carolyn successfully sell our home. Don worked diligently to sell our house. The selling process occurred during the weak time of real estate marketing. His efforts were continuous and we found him devoting extra effort and going out of his way to promote our property. He kept himself readily available to contact by responding quickly when called. We greatly appreciated his excellent service"