The spring housing market is quickly approaching and buyer demand is high while the supply of homes on the market remains low. Mortgage rates continue to remain near historic levels and homebuyers are out in full force. However, they are encountering a housing market with a limited supply of homes for sale.
Nearly every area in the nation is seeing home prices rise while suffering from a lack of inventory homes for sale. In some instances home buyers are receiving multiple offers on their home. The recent report from the National Association of Realtors (NAR) revealed that existing home sales rose in January by 11% over this same period of time last year.
The supply of homes on the market dropped to 4 months across the nation. This means that if the pace of sales continues at its current pace the number of homes on the MLS across the nation would all be sold in four months. The last time we saw numbers like this was in January 2007 right before the housing market was nearing its peak. These numbers indicate that there are just not enough homes on the market today to meet buyer demand.
If you are contemplating selling your home along the Jersey Shore then now would be the time. Supply is low and demand is high. More sellers will be entering the market as the spring housing market season kicks off. Beat the competition and sell your Jersey Shore home now.
If you are looking to sell your existing home, we’d love to hear how we can help you reach your real estate goals. The Ferzoco Group are experts in real estate from Ocean City to Cape May.
Our job is to make your tomorrow better than today. Contact us today via email or give us a call at 609-264-6762.