{"id":1074,"date":"2020-09-03T17:05:44","date_gmt":"2020-09-03T17:05:44","guid":{"rendered":"http:\/\/phphouses.com\/blog\/?p=1074"},"modified":"2020-09-03T17:05:44","modified_gmt":"2020-09-03T17:05:44","slug":"homebuyer-demand-far-last-years-pace","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/homebuyer-demand-far-last-years-pace\/","title":{"rendered":"Homebuyer Demand Is Far Above Last Year\u2019s Pace"},"content":{"rendered":"
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Homebuyer Demand Is Far Above Last Year\u2019s Pace<\/p><\/div>\n

Homebuying has been on the rise over the past few months, with record-breaking sales powering through the market in June and July. Buyers are actively\u00a0purchasing<\/a>\u00a0homes, and the momentum is continuing into the fall. It is, however, becoming harder for buyers to find homes to purchase. If you\u2019ve been thinking about selling your house, the coming weeks might just be the timing you\u2019ve been waiting for.<\/p>\n

According to the\u00a0Pending Home Sales Report<\/a>\u00a0from the\u00a0National Association of Realtors\u00a0<\/em>(NAR):<\/p>\n

\u201cPending home sales in July achieved another month of positive contract activity, marking three consecutive months of growth<\/strong>.<\/em><\/p>\n

The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, rose 5.9% to 122.1 in July.\u00a0Year-over-year, contract signings rose 15.5%.<\/strong>\u00a0An index of 100 is equal to the level of contract activity in 2001.\u201d<\/em><\/p><\/blockquote>\n

This means that for the past several months, buyers have signed an increasing number of contracts to purchase homes \u2013\u00a0well above where the market was at this time last year<\/strong>. Lawrence Yun,\u00a0Chief Economist<\/em>\u00a0at NAR notes:<\/p>\n

\u201cWe are witnessing a true V-shaped sales recovery as homebuyers continue their strong return to the housing market\u2026Home sellers are seeing their homes go under contract in record time<\/strong>, with nine new contracts for every 10 new listings.\u201d<\/em><\/p><\/blockquote>\n

Below is a graph that shows the impressive recovery of homes sales compared to previous years. The deep blue v marks the slowdown from this spring that turned into an exponential jump in sales that followed through the summer, skyrocketing above years past:<\/p>\n

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Pending Home Sales<\/p><\/div>\n

What Does This Mean for Sellers?<\/strong><\/h4>\n

If you were thinking about putting your house on the market in the spring, but decided to wait due to the health crisis, it may be time to make your move. Buyers are in the market right now. With so few homes available to purchase, homeowners today are experiencing more\u00a0bidding wars<\/a>, creating an optimal time to sell.<\/p>\n

Is This Trend Going to Continue?<\/strong><\/h4>\n

As CNBC\u00a0notes<\/a>, there are no signs of slowing buyer demand this fall:<\/p>\n

\u201cThe usual summer slowdown in the housing market is not happening this year.<\/strong>\u00a0Buyers continue to show strong demand, spurred by the new stay-at-home world of the coronavirus and by\u00a0record low mortgage rates<\/strong>.\u201d<\/em><\/p><\/blockquote>\n

Danielle Hale,\u00a0Chief Economist<\/em>\u00a0at\u00a0realtor.com,<\/em>\u00a0concurred<\/a>:<\/p>\n

\u201cIn a typical year in the housing market, buyer interest begins to wane before seller interest causing the usual seasonal slowdown as we move into the fall.\u00a0Due to a delayed spring season and low mortgage rates, we could see buyer interest extend longer than usual into the typically quieter fall.\u00a0<\/strong>Whether this means more home sales will depend on whether sellers participate or decide to stay on the sidelines.\u201d<\/em><\/p><\/blockquote>\n

As Hale mentioned, homeowners who are willing to sell their houses right now will play a big role in whether the trend continues. The market needs more homes to satisfy ongoing buyer demand. Maybe it\u2019s time to leverage your\u00a0equity<\/a>\u00a0and move up while eager home shoppers are ready to purchase a house just like yours.<\/p>\n

Bottom Line<\/strong><\/h3>\n

If your current home doesn\u2019t meet your family\u2019s changing needs, let\u2019s connect to help you sell your house and make the move you\u2019ve been waiting for all year.<\/p>\n

Contact us:<\/strong>
\nPHP Houses
\n142 W Lakeview Ave
\nUnit 1030
\nLake Mary, FL 32746
\nPh:\u00a0(407) 519-0719<\/span>
\nFax:\u00a0(407) 205-1951<\/span>
\nemail:\u00a0info@phphouses.com<\/p>\n

Let\u2019s Connect:<\/strong>
\nFacebook<\/a>
\nLinkedin<\/a>
\nTwitter<\/a>
\nInstagram<\/a><\/p>\n

THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE OF ADVICE.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

For the past several months, buyers have signed an increasing number of contracts to purchase homes Finish Reading Homebuyer Demand Is Far Above Last Year\u2019s Pace<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[36],"tags":[38,10,18,27,91,245,52,20,12,24,48,13,28,54,47,19,6,17],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1074"}],"collection":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/comments?post=1074"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1074\/revisions"}],"predecessor-version":[{"id":1077,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1074\/revisions\/1077"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=1074"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=1074"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=1074"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}