The worst of the housing crisis is far behind us now. Gone are the days when houses sat on the market unsold for months on end. The days when underwater homeowners were forced to slash prices on their homes to make a sale, are a distant memory now.
These days, homeowners are more likely to encounter bidding wars on their front lawns and overflow crowds at their open houses. The supply of homes is dwindling fast, while the demand for housing continues to grow at an almost record pace. If you are planning to buy a home in 2018, you need to act fast. If you have a home for sale, you should enjoy a robust housing market as 2018 gets underway. Here are some key things buyers and sellers need to know about the 2018 housing market.
Listing Prices Are Going Up
Higher prices are welcomed by sellers, but buyers need to act fast if they want to scoop up a bargain. This year, the median listing price of a home is $269,500. That median listing price represents a 5% year over year increase compared to the same time in 2017.
If you are ready to buy, now is the time to start planning. The housing market is hot and getting hotter, so the sooner you act the better off you may be.
Houses are Selling Faster
As the 2018 home selling season gets underway, listing prices are going up, but those higher asking prices do not seem to be impacting sales. Real estate agents track the number of days on the market very carefully, and there is good news for sellers here.
In 2018, the average days on market is down to less than three months. At 89 days, the days on listing statistic represents a 7% decline compared to this time in 2017. That means the hot property you have your eye on may not be around long, so get your pre-approval letter, schedule an independent home inspection, and get going.
Inventories are Tight and Getting Tighter
One of the reasons prices are rising and the number of days on the market are declining is simple: supply and demand. Compared to the glut of homes that flooded the market during the Great Recession, current inventory levels are extremely low.
Inventory is now just 1.23 million listing, a decline of 8% compared to this time in 2017. That means sellers can take their pick from dozens of eager buyers, while home buyers must scramble to find a house that meets their needs.
A rising population is only adding to the good news for home buyers in 2018. The population in the area is rising fast, and all those new residents will need a safe and secure place to live. If you are ready to make your move, you do not have any time to waste. Housing supplies are going down, homes are selling faster than ever, and prices are going up. If you act fast, you can still find a bargain even in this hot market, but if you wait too long, you could find yourself on the outside looking in.
For help selling or finding a home, call your real estate agent at Urbanista!