Where have all the listings gone? Lowest level in 30 years.
It takes two to make a house sale. You need a buyer and you need a seller. Lately we have had more buyers than sellers in St. Lucie County. When working with buyers who need the perfect home, it has become more and more frustrating as the supply of homes on market is around 4 months. That is pretty low historically.
A 5 1/2 to 6 month supply of inventory is considered to be a balanced market between the buyer and seller. When you go over 6 months, you have a buyers market. Under 6 months is a sellers market.
That indicates that if you are thinking of selling, this is a great
time because there are more buyers than homes, the chances are very good
that you can sell and sell at the right price for you at this time.
This inventory supply issue is not a St. Lucie County issue, it is a trend nationally where according to Freddie Mac, homes available for sale is the lowest level in over 30 years.
One reason is the decline of Short Sales. There are still some homeowners who owe more than their home is worth, however it dropped because home values appreciated over the past year or so. Now that it is 2014 homeowners selling now that are underwater are having to pay income tax on the difference, so many are just not listing. I can't say I blame them! Pay tax on phantom income? HUH?? Actually, they would be paying tax on money that they have lost. I would hold off selling too until congress renews the Relief Act and this issue goes away.
There is also lower supply because of the number of buyers in the market. Our numbers have been about 500 homes a month sold. It is a happy time for all as more buyers are now qualified to purchase a home. Pricing is good as the median sale price rose 8.5% from last year.
All of this equals one thing - we are in a Sellers Market. So, if you are considering a sale, click here to find out: What Did The House Down The Street Sell For? This is important because sales in your area determine what you can list your home for. There is another FREE Report: 27 Tips to Get Top Dollar For Your Home Sale. Our job is to meet your real estate goals.