Should you sell your Home? NOW is the time! Buyer demand is at an all-time high. According to ShowingTime, “home buyer traffic jumped in July, recording a 60.7% year-over-year increase in nationwide showing activity”.
Not to mention, Lawrence Yun, Chief Economist of the National Association of Realtors (NAR) is forecasting that more homes will sell this year than last. They are also predicting next year homes sales will increase 8-12%.
Inventory
The Pikes Peak Region is no exception to seeing high buyer demand. Here, our inventory keeps shrinking. As of September 1st, there are half the number of homes for sale compared to the same time last year. This equates to only a 0.62-month (or 19 day) supply of homes, making it the lowest supply we have ever seen. There just aren’t enough homes for sale to keep up with buyer demand, which is great news if you’re a seller. With so few homes available to purchase, homeowners today are experiencing more bidding wars, creating an optimal time to sell. Below is a chart showing the downward trend in inventory in our area.
Also, you can check out more detailed statistics on the Pikes Peak Region that we track monthly!
Interest Rates
Historically low interest rates are helping buyers afford more than ever before. With such low rates, buyers are even more eager to find a home. This is a huge advantage for buyers. To put it in perspective, it means that today you can get a lower rate than any of the past two generations of homebuyers in your family! Why not sell when more buyers are looking?
The Future
As CNBC notes, there are no signs of slowing buyer demand this fall:
“The usual summer slowdown in the housing market is not happening this year. Buyers continue to show strong demand, spurred by the new stay-at-home world of the coronavirus and by record low mortgage rates.”
According to CoreLogic, in the first quarter of 2020 alone, the average homeowner gained approximately $9,600 in equity. You may have more equity in your home thank you think! Now may be the time to take advantage of that increased equity! Right now the high demand and low interest rates can help you move into your dream home.