Housing Market To “Spring Forward” in 2016
Just like our clocks this weekend in the majority of the country, the housing market will soon "spring forward!" Similar to tension in a spring, the lack of inventory available for sale right now is what is holding back the market. Many potential sellers believe that waiting until Spring is in their best interest, and traditionally they would have been right. Buyer demand has seasonality to it, which usually falls off in the winter months, especially in areas of the country impacted by cold temperatures and conditions.
That hasn't happened this year.
Demand for housing has remained strong as mortgage rates have remained near historic lows. The National Association of REALTORS (NAR) recently reported that the top 10 dates sellers listed their homes in 2015 all fell in April, May or June. Those who act quickly and list now could benefit greatly from additional exposure to buyers prior to a flood of more competition coming to market in the next few months.
If you are planning on selling your home in 2016, meet with a local real estate professional to evaluate the opportunities in your market.
Author Kirsten Hamling