This is an excellent time to sell as the inventory is very low. I have had several houses with multiple offers in the last few months. With mortgage rates moving upward this is the time to think about putting your house on the market or buying one!
MIBOR has released its latest market data report:
“New residential real estate activity has been relatively slow in the first quarter of 2018, yet housing is proving its resiliency in a consistently improving economy. Some markets have had increases in signed contracts, but the vast majority of the nation continues to experience fewer closed sales and lower inventory compared to last year at this time. Despite there being fewer homes for sale, buyer demand has remained strong enough to keep prices on the rise, which should continue for the foreseeable future.
Closed Sales were down 7.5 percent in March compared to March 2017. Pending Sales increased 30.5 percent to 4,285, and Inventory shrank 34.7 percent to 5,708.*
Median Sales Price was up 11.2 percent to $173,500. Average Sales Price rose 10.6 percent in March. Absorption Rate was down 34.5 percent to 1.9.
The Federal Reserve raised its key short-term interest rate by .25 percent in March, citing concerns about inflation. It is the sixth rate increase by the Fed since December 2015, and at least two more rate increases are expected this year. Borrowing money will be more expensive, particularly for home equity loans, credit cards and adjustable rate mortgages, but rising wages and a low national unemployment rate that has been at 4.1 percent for five months in a row would seem to indicate that we are prepared for this. And although mortgage rates have risen to their highest point in four years, they have been quite low for several years.
*Disclaimer: On April 3, 2018 MIBOR BLC® Listing Service retired the Status of “Active with Contingency”. Listings with this status demonstrated that an offer to purchase had been accepted by the seller and continued to be reported as “Active” while the buyer addressed details in preparation to move forward with the purchase. These listings were included in “Inventory” numbers and used to calculate “Months’ Supply” and “Days on Market”. As of the April 3, 2018 change, all properties with an accepted offer to purchase were changed to the Status of “Pending – Continue to Show”. Listings with this status are now reported as “Pending Homes.” Decreases in Active Homes, Inventory, Days on Market, and Months’ Supply, as well as increases in the Number of Pending Home Sales are a direct result of this status change and not the result of a shift in the real estate market.*”