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Homes Are Selling Faster Than Ever

By Kimberly Shane

Homes are Selling Faster than Ever

canstockphoto3451987.jpgFidget spinners and homes, you all! No one can keep their inventory up! Nope, this isn’t a post about fidget spinners… for those who are disappointed, if you read all the way to the end I’ll include a little something for you! 

For the month of April, the median (average) time it took a home listed to go into contract was 40 days—this is the fastest since Redfin started tracking in 2010. In fact, Denver, the fastest market, had almost half of all homes under contract within six days of being listed! One of the biggest factors is the lack of inventory. Compared to last April, the number of homes for sale in the US decreased by 13.3%. 

The National Mortgage News reports, “the real estate market is likely to get tighter in the next few months”. They point to the Chief Economist for Redfin to explain why; in a press release she said, “The market tends to accelerate through June so I wouldn't be surprised if new records for speed and competition are reached in May and June given what we are seeing now. The only record this market can't break is sales. You need more inventory for that”.

What does this mean for you? Well if you are thinking of selling right now, do it! You are more likely to get your asking price or above, in a market like this. Or if you are buying, you don’t have time to lollygag in deciding. If you find a house you like, put your offer in because it isn’t likely to last long on the market!

What if you aren’t selling or buying right now? Do you feel left out of the craze and excitement? You aren’t alone! The original inventor of the fidget spinner isn’t making any money from the craze because she couldn’t afford to pay the patent renewal fee when it came due. 

To view the article, I reference, use this link:

https://www.nationalmortgagenews.com/news/home-sales-listings-turning-over-faster-than-ever-redfin?brief=0000015a-382f-d09d-a7fe-feafb2c90000

Source:

Finkelstein, B. (2017, May 19). Home sales listings turning over faster than ever: Redfin. National Mortgage News. Retrieved from www.nationalmortgagenews.com 

 

Tags: Home Buyer, home buying, Home Selling