Homeowners: Now Is A Good Time To Sell Your Charlotte Home
Each month, the National Association of Realtors (NAR) provides their Seller Traffic Index - part of their Realtors Confidence Index. NAR’s most recent report shared that homeowners have been reluctant to sell their houses. This is reflected when broken down by state. Only 11 states have a stable level of seller traffic compared to the remainder of the country, which came in with a weak rating.
As we can see in the following table, the number of people who moved last year is half of what the rate was in the 1980s.
Of course, this is nothing surprising - homeowners seem to be staying in their homes for longer periods of time. In fact, that average tenure in a home has risen from an average of 6 years from 1985 to 2008, up to 9.5 years over the last few years. *See graph below provided by KCM
There you have it - pent-up seller demand!
What led to this change in behavior? Falling prices during The Great Recession, leading many homeowners down the negative equity path and their decision to stay put to build equity in their current homes.
Will this trend continue?
Recently NAR reported that “69% of people believe now is a good time to sell a home.” With a strong economy, incredibly low interest rates and wages continuing to rise, some homeowners will be ready to put their house on the market and move up to the home of their dreams!
Another key component to the pent-up demand is the fact that 33% of our buyers during the past year have been millennials/first-time buyers. They have nothing to sell so, there’s no inventory to be freed-up as there is with upsize and downsize home sellers.
Sellers have every opportunity to take advantage of the current real estate market NOW. If you are considering selling your house or would like to know your options, let’s talk! I’d like to help you understand the possibilities available to you! Call or text me at (704) 491-3310.
© Debe Maxwell | The Maxwell House Group | RE/MAX Executive | CharlotteBroker@icloud.com | Homeowners: Now Is A Good Time To Sell Your Charlotte Home
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