Housing market primed for sellers
Get on the phone, call or text your REALTOR and list that house! That’s right, if you’ve been thinking about selling and have been waiting for the right time to sell your house, this is the best it’s been in a while. With interest rates at basement bottom numbers and a tight housing inventory, buyers are out there ready to spend money and your house may be exactly what they’re looking for.
According to an Associated Press story today, home prices are on the rise and buyer confidence is coming back. Here’s an excerpt from the piece:
“…the fastest rise in home prices in seven years might lead more Americans to put houses on the market, easing supply shortages that have weighed down the housing recovery.”
Reports show that home prices jumped nearly 11-percent in March compared with a year ago, which represents the most significant increase since April of 2006.
The Conference Board, an independent research group, published its consumer confidence index yesterday which showed dramatic increase from April to May of this year. The group also surveyed consumers and found they’re more optimistic about the next six months. This could lead to greater consumer spending and faster economic growth in the second half of the year.
Consequently, Chris Galler, CEO of the Minnesota Association of REALTORS, says right now is the best time to list your house.
“A relatively small housing inventory mixed with low interest, makes for a great time to sell” said Galler. He also cautions those who are possibly holding out hope that their home may continue to rise in value back to the days of 2005 and 2006, saying that is not likely. “This is the new normal,” he added. Meaning, the housing market has recovered to prices that are more in line with a stable economy, not inflated as they were before the housing market collapse. Galler also says, those who are “upside down” with their mortgage probably still need to stay put if possible.
Homeowners looking to sell may find this is as good as it’s going to get for a while. Chris Galler doesn’t expect there to be much change in housing values even as buyers try to outbid each other for coveted property. So, grab the phone and get your realtor on the line and get that house on the market!
The Minnesota Association of REALTORS® is the largest professional trade association in the state with more than 17,000 members who are active in all aspects of the real estate industry.