Many potential sellers have been stayed out of the 2012 real estate market because they are hoping home prices will rise. This is crucial to many home-owners who bought homes during the last decade when home prices where over-valued. Selling too early could mean a big loss. However new information released by the National Association of REALTORS® should make potential sellers rethinking their decision to sell a home in Clayton NC or not.
With mortgage rates at historic lows and unemployment dropping throughout the nation, families who had put off buying a home started snapping up homes throughout the summer. Time on the market saw a 30.7% drop with 101 days on the market in 2011 to only 70 days in 2012. Of these homes, 32% sold in less than 30 days. Only 19% were on the market for 180+ days. First-time buyers made up 32% of these sales.
Scarcity Driven Market
The increase in sales has driven inventory of preexisting homes to down to 5.9 months in certain areas. This has lead to an increase in multiple bidders on a property which has driven home prices up for seven consecutive months with the South seeing a 13.1% increase in home-prices. New home construction is not expected to alleviate this scarcity of any time soon. Thus sellers should consult with their realtor with an eye towards the 2013 home selling season. There are many things sellers should be doing in regards to their house now to prepare for 2013 summer sales.
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