If you’re on the fence about listing your home, you’ll be pleased to discover that in Central PA, we’re currently experiencing a low inventory of homes and increased buyer traffic. In fact, many homes in our region are receiving multiple offers in a short amount of time. The time to act by listing your home is now.
The same is true across the country.
The raw number of homes for sale is now at its lowest level in over 13 years, according to the National Association of Realtors, and the numbers continue to fall, CNBC reported.
JPMorgan Chase expects home prices to rise 7% in 2013. That level of continued confidence is driven by tighter-than-normal inventory, robust demand, high affordability levels, and a stronger economy. As a result, housing demand is expected to be slightly higher than 3 million in 2013. Two technical factors supporting such demand include the downward trend in distressed sales and the continuous use of short sales, JPMorgan said in its April report.
The latest Zillow housing survey shows that home prices are expected to increase 4.6% in 2013 and another 4.2% in 2014 before moderating somewhat to annual increases between 3.6% and 3.8% for 2015 through 2017.
The median time on the market for all homes was 74 days in February, 24% below 97 days in the same month last year.
It is and Will Continue to be a Seller’s Market
With a historically lean inventory, the current housing market is more likely to be a seller’s market compared to a buyer’s market.
“…Unemployment is still elevated and we see no signs that lending standards will ease significantly in the near term,” analysts of JPMorgan Chase explained.
Locally, there are a number of financial institutions that are ready and willing to extend loans to prospective buyers, but credit worthiness is essential. The mood in lending is improving, so it’s safe to assume that as more qualified buyers come into the market, lenders will compete to offer prospective homeowners loans.
When you’re ready to list, put your trust in Bowen Agency Realtors. We assist sellers in pricing homes, assist buyers in buying homes and serve as the go-between to negotiate the price of a home. Rest assured you can rely on our years of experience, expertise, and track record.