It’s a ‘sellers’ real estate market: National Association of Home Builders CEO
National Association of Home Builders CEO Jerry Howard discusses mass movement from large cities to the suburbs amid the coronavirus pandemic.
It's hard to imagine the market turning when, every month, properties are selling for higher and higher prices. It would be rare for a market to plunge overnight the way a stock market could. It's just not the same. Although we have seen sudden changes in real estate, the following indicators can usually be seen weeks in advance:
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1. Negative media will quickly cause concern and give buyers a reason to pay attention. Buyers often pull back on impulse buying and full-price bidding.
2. Stock market behavior can reduce equities slated for real estate purchases and indicate a turbulent economy moving forward. Buyers tend to back off when the stock market is falling.
3. Forecasts for increasing interest rates for the coming quarter will discourage buyers and add to negative media rumble, feeding the "it's not a good time to buy" chatter.
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4. Overstocked home inventories prove to buyers that homes are not moving.
5. Price reductions and secondary price reductions are true indicators the market is slowing.
6. Longer time on the market with major drops from the initial list price to the recorded sale price tell the story loud and clear. One cannot suggest the notion that "it is all in your head." This becomes the real truth — concrete evidence that prices are falling.
7. Repeated statistics and examples tell it all. When there are numerous examples of falling prices and increasing inventory, one cannot suggest it's just one example of a distressed owner who had to sell.
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Watch for the first signs, or better yet, if you really want to sell your home for top dollar, don't wait until the first sign.
Is the Year Getting Away From You?
For many years, people have asked me, "When is the best time of year to sell a house?" The short answer is: With a shortage of inventory, anytime is a good time as long as interest rates are attractive and affordable (which they became this year).
That being said, the best time to sell is late spring or summer, when children are out of school and people are entertaining, having backyard barbeques and spending time at home.
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People get very busy at the end of summer getting ready for school, and they get busy during the school year with homework and other duties. All of a sudden, they get consumed with the holiday season.
If you have been thinking of selling and the year has been getting away from you, take advantage of this amazing market.
If, for some reason, you just cannot seem to get it together this year, a licensed realtor can at least provide you with some information about the value of your home and what improvements you may want to consider before you sell.
It is never a bad time to find out the value of your home. In fact, you should do so annually.
Reach out to see how a realtor can help.
Ron Wynn has been among the top 100 agents in America for over 10 years, as noted on REAL Trends/Wall Street Journal. Ron has represented over 2,200 sales totaling over $1.5 billion in sales volume in his 30-plus-year career as a real estate broker in California.
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