SUPPLYIt is no secret that the supply of homes for sale has been far below the number needed for over a year. A normal market requires six months of housing inventory to meet the demand. The latest report from the National Association of Realtors (NAR) revealed that there is currently only a 4.2-month supply. Locally, Minneapolis Area Association of Realtors estimates that current inventory levels are around a 1.4-month supply!
Supply is currently very low!!
DEMANDA report that was just released tells us that demand is very strong. The most recent Foot Traffic Report(which sheds light on the number of buyers out looking at homes) disclosed that there are more buyers right now than at any other time in the last twelve months. This includes more buyers looking at homes right now than at any time during last year’s spring market. If the inventory continues to decrease we'll see a decline in foot traffic as well.
Demand is currently very high!!
With Freddie Mac’s U.S. Economic & Housing Marketing Outlook projecting interest rates to increase steadily over the course of the next 12 months, buyers are on the hunt for their new home before the rate increase come into play. Depending on the amount of the loan that you secure, a half of a percent (.5%) increase in interest rate can increase your monthly mortgage payment significantly.
Bottom LineWaiting until the spring to list your house for sale made sense in the past. This year is different. The best deal is probably available right now. If you're interested in expanding the conversation please reach out to the Turner Team. Call our main line at 763-445-9242 or send us an email at Info@TurnerTeamMN.com, we'd be happy to chat with you, prepare a Personalized Equity Analysis, and discuss how we help our clients seamlessly transition from their current house to their next home! Or visit us online at our Sell My Home tab.
Article originally published by Keeping Current Matters