What Could a Recession Mean for the Housing Market?
Whether you are a home buyer or a home seller, here’s what a possible recession might mean for your housing decisions.
If you’re one of the many homeowners thinking about taking your house off the market for the holidays, hang on. You definitely don’t want to miss the great selling opportunity you have right now. Here’s why this month is the optimal time to make sure your house is available for holiday buyers.
The latest Existing Home Sales Report from The National Association of Realtors (NAR) shows the inventory of houses for sale has dropped to an astonishing all-time low. It now sits at a 2.5-month supply at the current sales pace.
Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market, in which there are enough homes available for active buyers (See graph below):When the supply of houses for sale is as low as it is today, it’s much harder for buyers to find homes to purchase. This means competition among purchasers rises and more bidding wars take place, making it essential for buyers to submit very attractive offers.
As this happens, prices rise and sellers are in the best position to negotiate deals that meet their ideal terms. So, if your neighbors decide to remove their listings this season, your house may quickly rise to the top of a holiday buyer’s wish list if you stay on the market.
Today, there are many buyers who are ready, willing, and able to purchase. Record-low mortgage rates and a year filled with unique changes have prompted buyers to think differently about where they live and to take action. The supply of homes for sale is not keeping up with this high demand, making now the optimal time to sell your house.
Home prices are appreciating in today’s sellers’ market. Making your home available over the next few weeks will give you the most exposure to buyers who will be actively competing against each other to purchase it.
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If you need an amazing realtor, you have found one! Marty Remo Helped my husband and I sell our home Marty is an outstanding realtor to partner with. His knowledge of the market and how to best market your property is second to none. Marty explained the entire process to us and held our hands throughout the process. We trusted his judgement and advice and our property went into contract quickly. Marty is very responsive to emails, calls, and texts so I never felt ignored or uninformed about anything. He is high energy and will make sure that everything runs smoothly. I would highly recommend him to anyone. Thanks Marty!
Finding the The Remo Team was just what I needed to make selling my home as painless as possible. Working with Marty was truly a pleasure. He always went the extra mile.. Literally! Selling my second home, which was over 60 miles from where I currently reside, came with many challenges.. All of which Marty was fully equipped and ready to handle. His presentation of the home was stunning, right down to the professional walk through video, which I now hold as a sentimental keepsake. I would highly recommend working with the The Remo Team for all of your real estate needs. Put your home in Marty's hands and leave your worries behind!