The
National Association of Realtors (NAR) recently released
their Pending Home Sales Index Report
and revealed that it is at its highest level since April 2006.
The Pending Home Sales Index is “a
forward-looking indicator based on contract signings”. The higher the Pending
Home Sales Index number, the more contracts have been signed by buyers
that will soon translate to sales.
Every region of the country has experienced
year-over-year gains in pending sales as seen below:
NAR’s Chief Economist, Lawrence Yun cites job
creation as a major reason that the housing market has boomed this spring,
going on to say, "It's
very encouraging to now see a broad based recovery with all four major regions
showing solid gains from a year ago and new home sales also coming alive."
Yun went on to caution that, "Housing
affordability remains a pressing issue with home-price growth increasing around
four times the pace of wages. Without meaningful gains in new and existing
supply, there's no question the goalpost will move further away for many
renters wanting to become homeowners."
So
What Does This Mean To Buyers?
There is a lot of competition out there right now
for your dream home. Prices are going to continue to climb, act now before you
are priced out of your future home.
What
Does This Mean to Sellers?
If you are on the fence about listing your home for
sale right now and debating whether now is the time to move on with your plans
of relocating… now is the time!
There are more buyers that are ready, willing and
able to buy their first, second, third, vacation, or investment property now
than there has been in years! The supply of homes for sale is not keeping up
with the demand of these buyers.
Listing your home for sale now will give you the
most exposure to buyers and the best sales price.
Bottom
Line
Whether you are planning on buying or selling a
house this year, waiting to act no longer makes sense.
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