Katie McBride's Blog

In school, we all learned the theory of supply and demand. When the demand for an item is greater than the supply of that item, the price will surely rise.

SUPPLY

The National Association of Realtors (NAR) recently reported that the inventory of homes for sale stands at a 3.8-month supply. This is considerably lower than the 6-month supply necessary for a normal market.

DEMAND

Every month NAR reports on the number of buyers out in the market looking for homes, which is also known as buyer traffic. As seen on the map below, buyer demand in March was strong or very strong in 45 out of 50 states nationwide, and Washington, DC. Many buyers are being confronted with a very competitive market in which they must compete with other buyers for their dream homes (if they are even able to find a home they wish to purchase). Listing your house for sale now will allow you to capitalize on the shortage of homes for sale in the market, which will translate into a better pricing situation.

HOME EQUITY

Many homeowners underestimate the amount of equity they currently have in their homes. According to a recent Fannie Mae study, 37% of homeowners believe that they have more than 20% equity in their homes. In reality, CoreLogic’s latest Equity Report tells us that 78.9% actually do! Many homeowners who are undervaluing the equity they have in their homes may feel trapped, which may be contributing to the lack of inventory in the market.

Bottom Line

If you are debating selling your home this year, let's meet up to evaluate the equity you have in your home, as well as the opportunities available in your market.  

In the community of Grafton, MA in the past month there have been 13 homes sold.  The average sale price of these homes was $322,111 and the homes were on the market an average of 67 days.  There have been 14 homes listed for sale during the past month Holliston, MA. We are here to serve all your real estate needs in the surrounding communities.  We welcome your business, and we promise to take exceptional care of you or any of your referrals

In the community of Holliston, MA in the past month there have been 8 homes sold. The average sale price of these homes was $427,938 and the homes were on the market an average of 101 days. There have been 17 homes listed for sale during the past month in Holliston, MA. We are here to serve all your real estate needs in the surrounding communities. We welcome your business, and we promise to take exceptional care of you or any of your referrals.