If you’re in the market for a home and you’ve been playing the wait-and-see game, now may be the time to step off the fence, because the buyer’s market may be turning. According to data from the National Association of Realtors®, houses are selling faster as supply struggles to meet demand in many areas of the country.
“Recent data shows that housing inventory is tightening and homes are selling much more quickly,” said Denise Pilkington, President of the Johnston County Association of Realtors®. “We first noticed this short amount of time on market during the spring and it has created more of a balance between home buyers and sellers in Johnston County. This balance is reinforcing price growth in the market because correctly priced homes usually sell more quickly.”
NAR data shows that at the end of August, national housing inventory was at a 6.1-month supply. This is 25.6 percent below a year ago when the supply was 8.1 months. In contrast, during the peak of the boom in 2004 and 2005, inventory levels averaged 4.3 months and the median selling time was four weeks. And in 2009 during the economic downturn time on market peaked at 10 weeks with a 10-month annualized supply.
“For some time now, home buyers have had numerous advantages such as low interest rates and historic affordability,” said Pilkington. “With homes beginning to sell more quickly than before, it’s evident that home buyers are taking advantage of these opportunities. This is good news not just for buyers, but also for sellers. These market conditions are creating a tremendous balancing act between buyer and seller, and thus helping to create a healthy housing market.”
Johnston County Association of REALTORS® expects the fall season to be a busy one for the area’s housing market. “Whether you are a buyer or a seller, the best move you can make it to contact a Realtor®,” said Pilkington. “Working with a Realtor® can really give you the advantage you need in this competitive market. Buying or selling a home is an important decision, and Realtor® are trusted resources who can help you navigate that process.”
Johnston County Association of REALTORS®
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