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More People Are Planning To Buy a Home Soon
It’s no secret that the real estate market has been favorable to sellers for the last several months, due to historically low interest rates and lack of homes on the market. However, a recent study found that more people are planning to buy a home soon, so expect an influx of buyers to continue to turn up the heat on available home inventory. This is good news for those who are thinking about selling and moving into a new home this year.
While some homeowners may be tempted to hold off until spring to list their houses, you should know – homebuyers aren’t waiting. Demand is high today as more people are trying to beat rising mortgage rates. As a result, eager buyers are entering the market or moving their plans up so they can make their purchases as soon as possible. If this is you, we should talk sooner than later and get you pre-approved and your rate locked in.
The most recent Consumer Confidence Survey finds that, of those surveyed, the percentage of people planning to buy over the next six months has increased substantially since last fall (see graph below):
As the graph shows, the number of consumers fast-tracking their plans to purchase a home has crept up over the past three months. That indicates many buyers are evaluating their strategy and realizing they should act sooner rather than later. And for homeowners planning to sell, it’s a signal that now may be the time to list.
While more people are moving their plans up, others are actively putting theirs in motion. Time on the market is a great indication that homebuyers are motivated and moving quickly. According to a recent realtor.com report, the average home sold faster this January than any January on record.
Danielle Hale, Chief Economist at realtor.com, notes:
“Homes sold at a record-fast January pace, suggesting that buyers are more active than usual for this time of year.”
What Does That Mean for You?
Homebuyers are rethinking their strategies and moving their plans forward. Others are making their moves today. That means demand for your house isn’t just increasing – it’s high right now.
And because there are so few homes available for determined purchasers to choose from, if you’re planning to sell your house this year, doing so sooner means you can take advantage of high buyer demand before more houses are listed in your neighborhood. Why is this important? Because as more houses are put up for sale, buyers will have more options. But until then, your house will be in the spotlight.
Bottom Line
It’s no secret that it’s been a seller’s market for a while now thanks to low interest rates and lack of homes on the market. With Spring on the horizon, more people are planning to buy a home and we can likely expect an influx of buyers to continue to turn up the heat on available home inventory. This is good news for those who are thinking about selling and moving into a new home this year! If that is you, it’s important to get pre-approved now to find your next home. Let’s connect so you can start making your plans today.
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