2015 thus far has proven to be a strong year for homeowners selling their homes. An improved economy since the recession led to higher rates of buying (due to increased employment and relatively low mortgage rates). Supply has had trouble keeping up to demand, meaning less competition for sellers.
What are the specific factors lending to this great time for buyers? Daren Blomquist, RealtyTrac’s vice president, notes three main reasons: there is a hugely strong demand from buyers, soaring home prices, and low competition amongst sellers.
All sorts of markets have seen strong demand, whether the buyers be first-time, boomerang buyers who recovered after recession induced foreclosure, and traditional buyers. The number of borrowers using Federal Housing Association are also on the rise according to RealtyTrac.
Prices of homes are skyrocketing as well, selling at 13% above their original purchase price in the first half of 2015.
Median sales prices of existing-homes pushed above the previous 2006 peak to a record high in June, the National Association of Realtors® reported last week. The median existing-home price for all housing types was $236,400 in June – surpassing the peak median sales price set in July 2006 at $230,400.
Sellers are also feeling much less competition than recently past years. Buyers, on the other hand, feel the steep competition. This is due to a small inventory of homes for sale.
It is very clear that this year is an amazing time to sell! Are you considering selling your home? Now is definitely the time, because 2015 is the year. RE/MAX Paradise is ready to help you through that process, with our top of the notch, hardworking agents. Contact us today! 