According to Jonathan Smoke, chief economist of realtor.com, it is currently a great time to buy OR sell real estate. That is great news! For the past few months, sellers have been very happy. High demand has led to high prices, and quick sales. Supply has been low, posing some challenges for homebuyers. However, seeing the benefits, more homeowners are selling, and that means good things for buyers.
Fannie Mae’s National Housing Survey from April showed that 52 percent of respondents said it was a good time to sell a home. According to realtor.com, that was the highest it had been since the survey started in 2010. This is just one of many indictors that a lot of homeowners are selling right now.
“But here’s the reality: Selling a home is usually just the first (critically important) step in the process of buying another home. We find that more than 85% of today’s sellers indicate that they also intend to buy. So while they’re adding to the inventory of homes for sale, they’re also dipping back into it,” wrote Smoke.
Smoke also noted the top five reasons for selling a home right now: want to be in a different neighborhood, need a home with different features, need a bigger home, want better location, and need to lower cost of living.
“Since mortgage rates have declined and stabilized at multiyear levels this spring, we’ll look back in a few years and realize what a unique window of time this was. Households that can indeed successfully sell and buy this year should improve their housing situation while locking in the lowest possible costs,” Smoke wrote.
If you are either a seller or buyer in Miami right now, you should be happy! For several reasons, right now is a great time to buy or sell real estate. We are excited to help you with either today at RE/MAX Paradise, so contact us now!