Has the Inventory Crunch Begun to Subside? Contract signings rose in
all four major regions across the U.S. last month, a sign that dwindling home sales—which have plagued the market at an unusual time of year this summer—will reverse course in the coming months, the National Association of REALTORS® reports.
Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 0.9 percent month over month in June to a reading of 106.9.
“After two straight months of declines in pending home sales,home shoppers in a majority of markets had a little more success finding a home to buy last month,” says NAR Chief Economist Lawrence Yun.
“The positive forces of faster economic growth and steady hiring are being met by the negative forces of higher home prices and mortgage rates. Even with slightly more homeowners putting their home on the market, inventory is still subpar and not meeting demand.
As a result, affordability constraints are pricing out some would-be buyers and keeping overall sales activity below last year’s pace.”
If you’re thinking about putting your house on the market, you’re probably wondering what you should do before you list it. Getting a home ready to sell doesn’t have to be a huge undertaking, but it’s one where details really matter. To make the most of your new listing, take care of these items first.
Do a Walk-Through With Your Realtor
When you’re working with real estate professional Carriene Porter of Precision Realty & Associates, you’re guaranteed to get the expertise and advice you need to sell your home. One of the first things your realtor will want to do is complete a walk-through of your house. This is a chance to point out anything that needs cleaning and any projects that you should complete before you list the property. Little touches, like adding trim to the walls or changing out bathroom fixtures, can make a real difference in maximizing your home’s price, and a realtor will be able to tell you what to take care of first.
Despite last month’s rise, contract signings are still down 2.5 percent compared to a year ago, NAR reports. Nevertheless, Yun says the worst of the supply crunch may now have passed.
In June, existing inventory was up slightly on an annual basis, marking the first increase in three years. Several large metros saw year-over-year surges in inventory levels last month.
#RealEstateForSale #Homeownership #UtahRealEstate
Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 0.9 percent month over month in June to a reading of 106.9.
“After two straight months of declines in pending home sales,home shoppers in a majority of markets had a little more success finding a home to buy last month,” says NAR Chief Economist Lawrence Yun.
“The positive forces of faster economic growth and steady hiring are being met by the negative forces of higher home prices and mortgage rates. Even with slightly more homeowners putting their home on the market, inventory is still subpar and not meeting demand.As a result, affordability constraints are pricing out some would-be buyers and keeping overall sales activity below last year’s pace.”
If you’re thinking about putting your house on the market, you’re probably wondering what you should do before you list it. Getting a home ready to sell doesn’t have to be a huge undertaking, but it’s one where details really matter. To make the most of your new listing, take care of these items first.
Do a Walk-Through With Your Realtor
When you’re working with real estate professional Carriene Porter of Precision Realty & Associates, you’re guaranteed to get the expertise and advice you need to sell your home. One of the first things your realtor will want to do is complete a walk-through of your house. This is a chance to point out anything that needs cleaning and any projects that you should complete before you list the property. Little touches, like adding trim to the walls or changing out bathroom fixtures, can make a real difference in maximizing your home’s price, and a realtor will be able to tell you what to take care of first.
In June, existing inventory was up slightly on an annual basis, marking the first increase in three years. Several large metros saw year-over-year surges in inventory levels last month.
#RealEstateForSale #Homeownership #UtahRealEstate
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