By Mike Bodeen · 5 August 2019
SHOULD PROSPECTIVE SELLERS LIST NOW OR WAIT?
I don’t consider myself an alarmist. But on the other hand, our most recent numbers suggest I should be alarmed. Take a look:
Well Mike, this seems pretty good to me. If I’m a seller wouldn’t this be good news?
Yes, this is good news for sellers for sure. All the numbers are homeowner positive. Listings have fallen off the table, down 12% over this time last year and down 20% from two years ago. Pending sales (homes under contract) are up 14% from 2018 and 4% versus 2017. Sales are up 4% from July of last year and up 11% compared with two years ago.
So is this a good time to sell or wait? That’s a fair question. Anyone see my crystal ball around?
What we do know is that at current inventory levels, and two-year low mortgage rates, sellers would be getting lots of buyers seeing their home. This should translate into sellers getting great selling prices.
The case for waiting is further appreciation. This is the part of this scenario that concerns me big-time as we don’t just represent sellers, but buyers too. What’s good for the seller usually isn’t good for the buyer.
So, the only solid answer is that our current economic conditions favor sellers. Waiting could be profitable for sellers, but unknown. My strong suggestion for sellers however is that if you need to sell now, do so, and enjoy a good market in which to sell – just don’t stay on the sidelines for too long before getting back into the game.