Sellers becoming more interested in the market

Posted on 06/10/13 No Comments

FOR SALE: Beautiful 4-bedroom brick home in spacious, horse-friendly community.

Inventory has been a challenge for the recovering real estate market. However, if current numbers hold up, we may see one more barrier to a full recovery knocked out of the way.

National trends are showing that more homes were on the market than were under contract in April. Also, the number of days a home is on the market has on average decreased to just more than a month. In 2012, average time on market was just under 50 days.

The Wall Street Journal quoted an industry representative accordingly, “It’s less of an indication of buyer momentum flagging and more of seller momentum picking up, finally.”

Naturally, rising prices are enticing homeowners to consider selling. Many be just “testing the market” with an abnormally high price, a tactic that is rarely successful and even less so in this still tenuous economic state.

Still, there is no denying that home values are climbing and when that’s combined with affordable mortgages, the market has only one direction to go.

Also helping the seller market is a supply of more qualified buyers and an improving lending processes. Banks have made lending easier than it was a couple of years ago. However, many markets vary in this regard depending on the percentage of homes underwater or number of delinquent mortgages.

Thankfully the Triangle market is one of the nation’s best performing and we’re experiencing a steadily improving and stable housing market.

Perhaps our only concern is too many sellers entering the market in too short a time period, which would have the opposite effect on prices.

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