This winter was one of the worst the country has seen in a long time. Brutal winds, sleet, heavy rains and snowfalls led to really rough weather. Inventory levels fell and home sales declined in the last few months of 2013 and at the beginning of this year as well. Now the weather has changed and so has the housing market. Sellers are more optimistic and so the number of houses for sale has risen by 10% when compared to the value recorded last year. In this same period, the median price has increased by 7% and now lies at $199,000. The inventory age has also risen by 6.5% and has now reached around four months, 114 days to be precise.
Up till now, it was a strong market for sellers. But if homes start staying on the inventory longer, the industry experts predict that the situation will become favorable for buyers.
A reputed real estate agent told the press that the real estate market is still for sellers. A gradual change is expected and in the months to come, equilibrium will be achieved, benefitting the buyers in the process.
Since home listings have gone up earlier than expected, maybe the selling season will be initiated before its normal time. Even if this is not so, there will definitely be more sales. In the past, sellers did hesitate from putting their homes on the market, but a lot of them have positive equity in them now, and are not afraid to step out.
According to a reputed real estate broker, sellers have put their homes on the market earlier than expected so as to gain an edge. This move might help them in beating the competition. If truth be said, their strategy is great because they may even get a better price than what they expected if you consider the low inventory levels.
There are other reasons as well. Since homeowners have more equity in their homes, the move is affordable and in some cases may even be a necessity because of major family changes like births and marriage. The mortgage rates are also not very high, which makes the situation even better.
So if you are a seller, maybe it is time to spruce your home up and add it to the market.