Coming out of the 2008 slump has been a long hard climb. However we are starting to see the light at the end of the tunnel with good news! The National Association of REALTORS® (NAR) just announced that the February Pending Home Sales Index or the PHSI has reached its highest reading since July 2015. NAR’s PHSI is a “forward-looking indicator based on contract signings.” This translates to the higher the PHSI, the more contracts have been signed by buyers that will soon translate to sales.
After sales slackening over the winter, the latest numbers are encouraging in that a good amount of buyers are signing more contracts. This could attest to the lowest mortgage rates we have seen in nearly a year and a slight increase in inventory.
However we need to keep the momentum going and this will need to happen quickly. A growing pool of buyers demands a growing list of inventory. Without an adequate supply of homes, sales will most likely unfortunately plateau.
What does this mean for buyers? There is a lot of competition right now for your dream home. It is best to act quickly and decisively! Prices will only continue to rise, and the pool of buyers will grow as well.
What does this mean for sellers? There has never been a better time to sell! If you are on the fence about listing your home for sale, downsizing or relocating don’t wait! There are more than enough buyers out there waiting for your home, willing to pay asking or above for price.
Bottom line is whether or not you are planning on buying or selling, there is no more time to wait. It no longer makes sense to wait for better prices or a market since we are already there! #ShorewestRealtors #SellersMarket #BuyersMarket
Source Credit: Keeping Current Matters