The National Association of REALTORS’ just released the results of their latest Pending Home Sales Index,
which showed a small 1.4% decline in signed contracts in August.
Pending sales remain strong year-over-year as they were 6.1% higher than
August ’14 and have now risen for 12 consecutive months.
NAR’s
PHSI is “a forward-looking indicator based on contract signings”. The
higher the Pending Home Sales Index number, the more contracts have been
signed by buyers that will soon translate to sales.
In every major region of the country, pending sales are up year-over-year as shown by the graph below:
So What Does This Mean To Buyers?
There
is a lot of competition out there right now for your dream home. Prices
are going to continue to climb, act now before you are priced out of
your future home.
What Does This Mean to Sellers?
If
you are on the fence about listing your home for sale and debating
whether now is the time to move on with your plans of relocating… don't
wait!
There
are more buyers that are ready, willing and able to buy their first,
second, third, vacation, or investment property now than there has been
in years! The supply of homes for sale is not keeping up with the demand
of these buyers.
Listing your home for sale now will give you the most exposure to buyers and the best sales price.
Bottom Line
Whether you are planning on buying or selling a house this year, waiting to act no longer makes sense.
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