One of the biggest misconceptions in todayâ€™s housing market is that homes are not selling. That is simply not true. Last monthâ€™s Existing Sales Report from the National Association of Realtors (NAR) showed that homes were selling at an â€œannual rate of 5.10 millionâ€. Thatâ€™s an average of 13,973 every day â€“ 365 days a year!
And the monthly Pending Sales Report, which measures the number of houses going into contract each month, has showed increases in six of the last nine months prompting Lawrence Yun, NARâ€™s chief economist to say:
â€œSince reaching a cyclical bottom last June, pending home sales have posted an overall gain of 24 percent and demonstrate the market is recovering on its own. The index means modest near-term gains in existing-home sales are likely.â€
We realize that 40% of the sales are distressed properties and that 22% of buyers are investors. Yet, that still doesnâ€™t negate the fact that homes are in fact sellingâ€¦ and 60% of them are NOT foreclosures or short sales.
And Yun believes this uptick will continue:
â€œBased on the current uptrend with very favorable affordability conditions, rising apartment rents and ongoing job creation, existing-home sales should rise around 5 to 10 percent this year.â€
Homes are selling. You probably will need to offer a compelling price if you put your house on the market. But if you do, it will sell.Â Thanks to the KCM Blog for this perspective.
Call me if you want help with your home purchase. We have a team, Christine Norcross & Partners, at William Raveis and we can help you find your dream home in theÂ Wellesley Real Estate marketÂ â€“ Natick, Newton, Needham, Wellesley, Wayland, Weston and more.
Other articles on Real Estate Market Conditions:
Forbes: Housing Had a Superb Decade
Overall A Positive Outlook on Wellesley, MA Real Estate
The Reality of Realty in Wellesley, MA