Thursday, November 1, 2012

Home for sale: # of days on the market decreasing!

Home prices are going UP and selling FASTER!
The National Realtors Association "Existing Home Sales Report" last week has revealed other relevant housing data for today's home buyers and sellers. Most notably, the average home's "Number of Days on the Market" slipped to just 70 days nationwide.

This tells us that homes are selling 31% faster as compared to a year ago. Now, some might say that homes are selling more quickly because they're being priced more appropriately (i.e. "cheaper"). As it turns out, that's not the case. The median home sale price is up 11 percent from last year and prices appear headed higher still.

The primary reason why home prices are rising is because buyers outnumber sellers, and mortgage financing has become cheap.

Call me to get your credit approval into place and before beginning your home search, click here for my blog post on Tips for the Home Shopper in a changing market.