A recent index report from National Association of Realtors shows that the amount of pending home sales has increased to its highest point since August 2013, which comes as a surprise given the recent
shortage of inventory seen throughout the market. That pending sales index has actually been growing steadily for the past five months, and in January increased 1.78% to put 2015 8.4% above last years’ average. This rebound is presumably due to the nationwide increase in demand for real estate, which has caused a shortage of available property. Buyers are not deterred by the barren market it seems however, and continue to find homes despite the decrease in inventory. Jonathan Smoke, chief economist at realtor.com, encourages get a jump-start on your search early but be patient, as finding the perfect home takes time. Smoke also says that this index report preludes a bright future for the real estate market, “this bodes well for higher sales in February and March, making it a very attractive time to sell, since prices have risen at an accelerating pace in recent months”. The takeaway from this news is that sellers should act now so they can capitalize on the demand before developers have a chance to catch up and buyers should not be deterred if they don’t find their dream home right away, as the market is steadily growing.
With the economy rebounding and interest rates on the decline it is really no surprise that buyers are flooding the market. Now is the perfect time to start looking at that home you’ve been considering for a while, before someone else snaps it up. To learn more about commercial or residential properties available today feel free to contact a RE/MAX agent and they would be happy to find the listing that fits best for you!