If you need assistance, please call 757-466-1009

Ruben Vera, Broker Associate
757-581-9058

Buyers Are Searching For YOUR House

Wednesday, February 08, 2017   /   by Ruben Vera, Broker Associate

Buyers Are Searching For YOUR House

KCM-Man Searches Computer.jpg

KCM just posted that the most recent Pending Homes Sales Index from the National Association of Realtors revealed a slight bump in contracts with an increase of 1.6% in December.  This news comes as existing home sales are also forecast to be on pace for 5.54 million in 2017, a 1.7% increase over 2016, which was the best year for sales in a decade. The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed. According to NAR’s Chief Economist, Lawrence Yun,
Pending sales bounded last month as enough buyers fended off rising mortgage rates and alarmingly low inventory levels to sign a contract.

So, what’s the problem?

Buyers are searching for existing homes, but supply is not keeping up with their demand! Yun went on to explain,
The main storyline in the early months of 2017 will be if supply can meaningfully increase to keep price growth at a moderate enough level for households to absorb higher borrowing cost. Sales will struggle to build on last year’s strong pace if inventory conditions don’t improve.” (emphasis added)

So what's the Bottom Line?

Buyers are out in force RIGHT NOW! If you are considering selling your home this year, the early months of 2017 will be your best option!  Contact Ruben Vera at 757-581-9058 today to capitalize on current market conditions.
EXIT Realty Central
Kimberly Plourde, Broker/Owner
870 N. Military Hwy, Suite 100
Norfolk, VA 23502
757-466-1009

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