At a local level in Fergus Falls, MN, buyer confidence continues to be strong with many first-time buyers looking for homes in spite of the shortage of listings. Buyers are just waiting for that new “right” home to come on the market and are out there right now! I know that for a fact as I have several buyers who are actively looking to buy.
Definitely an aggressive headline. However, as the final data on the 2017 housing market rolls in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME!
How did we finish 2017?
- New-home sales were at their highest level in a decade.
- Sales of previously owned homes were at their highest level in more than a decade.
- Starts of single-family homes were their strongest in a decade and applications to build such properties advanced to the fastest pace since August 2007.
And Bloomberg Business just reported:
“America’s housing market is gearing up for a robust year ahead. Builders are more optimistic, demand is strong and lean inventory is keeping prices elevated.”
And the National Association of Realtors revealed that buyer traffic is stronger this winter than it was during the spring buying season last year.
The only challenge to the market is a severe lack of inventory. A balanced market would have a full six-month supply of homes for sale. Currently, there is less than a four-month supply of inventory. This represents a decrease in supply of 9.7% from the same time last year.
This lack of inventory is clearly evident in Fergus Falls. We have seen a slight decline in sales in Nov-Dec mostly because of shortage of houses to sell. Buyers are out there!
With demand increasing and supply dropping, this may be the perfect time to get the best price for your home. Let’s get together to see whether that is the case in your neighborhood. Let me take over the marketing of your property. I’d love to visit with you about the Fergus Falls market and the value of your home.
Source . . KCM Charlie Brue blog
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