Today’s housing market is making a truly impressive turnaround. It is creating some outstanding opportunities. It does not matter whether you’re thinking of buying or selling a home this year. There are advantages right now that is rare. They are definitely worth looking into. For buyers, mortgage rates just hit an all-time low for the eighth time this year. The 30-year fixed-rate is now averaging 2.88%. That is the lowest rate in the survey’s history, dating back to 1971. For sellers, there are simply not enough houses on the market to meet the needs of those who are wanting to buy them.
National Association of Realtors
National Association of Realtors (NAR) had the following to say. “Total housing inventory at the end of June totaled 1.57 million units. Up 1.3% from May, but still down 18.2% from one year ago (1.92 million).” Last year, in 2019, there were 373 homes that sold here in Fairfield Glade. This number represents homes only. It does not include condos. Divide the number of homes sold (373) by 12 months. That gives us an average of 31 homes sold per month. Currently, in Fairfield Glade, there are only 57 homes on the market. Dividing 57 by 31 gives us an absorption rate of 1.84 months. This is how long it will take the current inventory to be “absorbed” into the market. Keep in mind, 1.84 months is an average.
There is a wide range of home prices in the Glade. This number will increase or decrease depending on that price range. It is safe to say we are in a Sellers’ Market. The real estate market is very strong. Not only here, but the entire nation is experiencing record-breaking activity. The housing industry leads the way out of the uncertainty. Lack of inventory has been a challenging situation for a while now. With low mortgage rates fueling buyer demand, inventory is even more difficult to find. Buyers are eager to purchase, and because of the shortage of homes available, they’re encountering more bidding wars. This is one of the factors keeping home prices strong. This presents an advantage for sellers.
Call one of our professional realtors today for a Free Market Analysis of your home. Also, to discuss how it could play to your advantage in our local market.