Housing is thriving! As the economy recovers from this year’s health crisis, the housing market is playing a leading role in the turnaround. It’s safe to say that what we call “home” is taking on a new meaning, causing many of us to consider buying or selling sooner rather than later.
Today’s high buyer demand combined with low housing inventory means we’re seeing home prices continue to rise at an above-average pace. This demand is being driven by those who want to take advantage of historically low mortgage rates.
These factors are driving a positive impact on the economy as a whole.
As new home builds continue at a fast pace, the construction sector is continuing to look strong for the next 12 plus months.
There’s no doubt the growing economy is being fueled in part by the soaring housing market. Experts forecast this housing growth to carry into 2021, continuing to make a big impact on the economy next year as well.
The Kiwi dream of homeownership has continued to thrive in the midst of this year’s economic downturn, and “home” has taken on a new meaning for many of us during this time.
Best of all, the housing market is making a significant impact as the economy recovers.
Thinking of buying or selling? Contact me today!
When the demand for homes is higher than what’s available for sale, it’s a great time for homeowners to sell their house. That is absolutely the case here in Whangarei at the moment!
Here are three ways low inventory can help you win if you’re ready to make a move this spring/summer.
1. Higher Prices
With so many more buyers in the market than homes available for sale, homebuyers are frequently entering into bidding wars for the houses they want to purchase. This buyer competition drives home prices up. As a seller, this can definitely work to your advantage, potentially netting you more for your house when you close the deal.
2. Greater Return on Your Investment
Rising prices mean homes are also gaining value, which drives an increase in the equity you have in your home.
3. Better Terms
When we’re in a sellers’ market like we are today, you’re in the driver’s seat if you sell your house. You have the power to sell on your terms, and buyers are more likely to work with you if it means they can finally move into their dream home. The buyer that is best able to meet your terms will win in a multi-offer situation, or, at the auction.
So, is low housing inventory a big deal?
Yes, especially if you want to sell your house at the perfect time. Today’s market gives sellers immense negotiating power. However, it won’t last forever, especially as more sellers return to the housing market next year. If you’re considering selling your house, the best time to do so is now.
If you’re interested in taking advantage of the current sellers’ market, contact me today to determine your best move!
Helpful and interesting info from Paul, and Harcourts to help you with your property journey.