National Home Purchases & Sales Selling at Mixed Pace
According to recent data, we know that homes in Broward County have been selling more rapidly as of late than those in Palm Beach County. According to Zillow and the Florida Association of Realtors, homes are selling one week faster than in 2015 on average in Broward and one week slower in Palm Beach County.
Overall, the number of days homes stay on market nationally has been falling since 2010, at which point homes sold in a period of five months on average. Today, homes are averaging just 78 days on the market, when looking at the U.S. as a whole. That’s approximately two and a half months, and nearly half of what it took six years ago. This figure represents the time it takes to close on the home, meaning homes enter the “pending” phase even earlier — approximately a month after being listed, according to RISMedia.
Why Homes are Selling Faster:
The shortened time on market is tied to low inventories across the nation. The report revealed that home supply is down 5 percent since last year, and 28 percent from the market’s peak in 2011. This lack of supply has combined with high demand, spurred by low interest rates, and is making the housing market increasingly competitive. The summer months in particular showcased one of the hottest markets we’ve seen on a local and national level in years.
That competition is not necessarily a bad thing for buyers, and it’s certainly good news for sellers. In order to take advantage of the competitive landscape, buyers should get pre-approved for a loan from a lender recommended by his or her real estate professional. It is also advisable to request that homes be inspected prior to submission of an offer. Doing so will enable the buyer to accelerate the process and be in a position to make a more attractive offer. Lastly, enlisting a real estate professional who’s an expert in the local market has become more important than ever, as it will ultimately increase a buyer’s chances of getting the home he’s looking for.
If you have questions about buying or selling a home in today’s fast-paced market, our team South Florida real estate professionals are here to help. Call our office today for the guidance you need to achieve your real estate goals.