In today’s market, low inventory dominates the conversation in many areas of the country, including northern New Jersey. Moving quickly on the home you want is a must. This leads to frustration
Learn Why NOW Is The Best Time To Sell Your Sussex County Or Morris County Home
The most recent Pending Homes Sales Index from the National Association of Realtors revealed a slight bump in contracts with an increase of 1.6% in December. This news comes as existing home sales are also forecasted to be on pace for 5.54 million in 2017, a 1.7% increase over 2016, the best year for sales in a decade. The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale lists as pending when the contract has been signed but the transaction hasn’t closed.
According to NAR’s Chief Economist, Lawrence Yun,
“Pending sales bounded last month as enough buyers fended off rising mortgage rates and alarmingly low inventory levels to sign a contract.”
So, what’s the problem?
“The main storyline in the early months of 2017 will be if supply can meaningfully increase to keep price growth at a moderate enough level for households to absorb higher borrowing cost. Sales will struggle to build on last year’s strong pace if inventory conditions don’t improve.” (emphasis added)
Buyers are out in force right now! Considering selling your Sussex County or Morris County home this year? The early months of 2017 are your best option. Get together with Team Nest Builder to discuss how YOU can capitalize on current market conditions!
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