The latest trend in real estate is drawing a crowd. Within just one year, the typical home price has increased 7.6%, exceeding the National Association of Realtors' projection of a 5-6% appreciation. How might homeowners in the nation be responding to this rise? According to the findings at Realtor.com, many are jumping at the chance to earn a greater profit on the sale of their homes.
With high hopes for a rush of new spring buyers, several markets with homeowners whom have been underwater are taking advantage of this opportunity to sell. Since last February, the number of units for sale has swelled to over 1,700,000. Although this home inventory count reflects a 10.1% increase, the National Association of Realtors notes that the supplies of both existing and new home inventories are still at extreme lows.
“Overall, these figures indicate a continued reinforcement of steady gains and market stabilization that we've been watching since late last summer,” says Steve Berkowitz, CEO of Move, Inc. “Seller confidence is the factor to watch as we head into the spring home-buying season, and these are very encouraging indicators; not only are more homes coming onto the market, but typically we don’t see a rise in asking prices this early into the year.”
Realtor.com tracks 146 national real estate markets, 99 of which reflected year-over-year inventory gains last month. Of those 99 markets, the inventory gains in 63 of them were 10% or greater. Despite the increased number of units for sale, only 8 of the 99 markets registered a decline in average list price.
Looking to take advantage of this trend? Contact me today to learn the potential value of your home.