The National Association of Realtors (NAR) just came out with two reports that say a lot about the market right now: The Pending Home Sales Report and The Existing Home Sales Report. Let’s dig a little into these to see what they are telling us.
The Pending Home Sales Report is stating that pending home sales (homes that have been put under contract and has a party that wants to buy them) are up 2.4% over this time last year. To make that even more impressive, last year at this time the pending home sales were up year over year as well. In fact, pending home sales have increased 22 out of the last 25 months. That means in the last two years, you were much more likely to see more houses being sold than one year prior on almost every single day of the year.
The Existing Home Sales Report is stating that unsold inventory (houses that are active on the market) is down 6.8% from this time last year. And this is the 16th month in a row where inventory has gone down. That means that right now if you put your home on the market, on average you will have the least competition than you have had since July of 2015.
Take those two facts (more homes being sold, and less homes to sell) and add them to the national average mortgage rate for a 30 year fixed mortgage being 3.49% (as of Monday, November 7thh according to Bankrate.com) and you get a pretty solid picture of why now is an excellent time to sell. (Interest rates being that low also paint a solid picture for why it is time to buy.)
If you are interested in selling your house for more money in less time, or buying with historically low interest rates, I am the person who can get those done. You can reach me at 515.639.0047 or Email Me
~Ryan Lynch
