Some of the biggest real estate news over the past couple of months has been about the growing number of home sales. June and July both saw a large rise in the amount of home sales and Homebuyer Demand compared to previous months and previous years. There is a growing number of interested buyers looking for homes and it is not expected to slow down going into the fall season. With such a large number of buyers interested in purchasing homes, the low amount of homes for sale is making the competition for buyers to find and purchase a home more difficult.
If you have been thinking about selling you home, now is a great time to list it. According to the Pending Home Sales Report conducted by the National Association of Realtors, pending homes sales continued to grow over May, June, and July. In July, home sales based on contract signings rose 5.9% from the previous month and year over year growth was measured at 15.5%. Activity like this has not measured so high since the year 2001.
The Chief Economist of the National Realtors Association, Lawrence Yun, commented that the market is seeing a true V-Shaped sales recovery when you look at a line graph as predicted by many top market analysts about the near future of real estate.
As the number of home buyers continues to grow some home sellers are seeing their homes sold in record time and some for over the list price. The deep v in the line graph is a result of a large drop off in home sales in February and March right at the beginning of the pandemic outbreak in America, when the stock market plummeted. This was followed by a rapid climb in the growth of home sales starting not long after in April as mortgage interest rates began to hit record lows.
What This Means for Sellers
If you were planning to sell your home this year and waited for the traditional peak selling season of the spring and then held off with the uncertainty and scary market conditions at that time, now is a great time to consider moving forward with listing your home. More and more buyers are coming to the market with very few homes to choose from turning this into a sellers’ market with high competition between buyers. Many homes see multiple offers and quick selling times.
Will the Trend Continue?
Many real estate experts do not expect the number of buyers and demand for homes to slow in the coming months. Some of them have noted that the typical drop off in sales as summer ends and fall begins is not happening this year. If homes continue to slowly come to the market as they did last month, it may continue to fuel a sellers’ market.
If you are wanting to sell your Boca Raton home, Coral Springs property, or Parkland real estate, it has never been a better time than right now. Contact me any time to take advantage of this market and gain more potential equity from your home.
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