With buyer demand high and the number of houses for sale low, today’s market is favorable for homeowners who want to sell. But though they’re likely to find interested buyers, homeowners shouldn’t expect that everything will always go their way. In fact, a home’s sale almost always involves a negotiation and home sellers, just like buyers, should expect to have to compromise here and there. For example, 76 percent of sellers said they had to make at least one concession when selling their home, according to one recent survey. That means, even in markets that favor sellers, homeowners should have some flexibility when it comes to working out the details of the final sale. Home sellers should also be prepared to make some pre-sale improvements to their house, as the vast majority of recent home sellers also said they had to fix up their home before listing it. In short, regardless of how hot your local market is, you still have to get your house in shape and work with your home’s buyer to ensure the sale is a success on both ends. More here.
Archive for May 2018
Contract Signings Edge Forward In March
When a homeowner accepts an offer to buy their home, that home’s sale is considered pending until the deal has closed. Because there are usually a few weeks between the contract signing and closing, tracking pending sales can be a good way of forecasting future home sales activity. For that reason, the National Association of Realtors’ Pending Home Sales Index tracks contract signings each month. In March, the index was up slightly from the month before but fell short of last year’s level. Lawrence Yun, NAR’s chief economist, says sales would be higher if there were more homes available for sale. “Healthy economic conditions are creating considerable demand for purchasing a home, but not all buyers are able to sign contracts because of the lack of choices in inventory,” Yun said. “Steady price growth and the swift pace listings are coming off the market are proof that more supply is needed to fully satisfy demand.” In other words, though the economy has improved and Americans are interested in buying, in many markets, there are more buyers than homes for sale, which means buyers must be prepared to act fast, if they’re shopping this spring. More here.
