{"id":962,"date":"2020-07-20T15:15:19","date_gmt":"2020-07-20T15:15:19","guid":{"rendered":"http:\/\/phphouses.com\/blog\/?p=962"},"modified":"2020-07-20T15:15:19","modified_gmt":"2020-07-20T15:15:19","slug":"thinking-selling-house-now-may-right-time","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/thinking-selling-house-now-may-right-time\/","title":{"rendered":"Thinking of Selling Your House? Now May be the Right Time"},"content":{"rendered":"
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Thinking of Selling Your House? Now May be the Right Time<\/p><\/div>\n

Inventory is arguably the biggest challenge for buyers in today\u2019s housing market. There are simply more buyers actively looking for homes to purchase than there are sellers selling them, so the scale is tipped in favor of the sellers.<\/p>\n

According to the latest\u00a0Existing Home Sales Report<\/em><\/a>\u00a0from the\u00a0National Association of Realtors\u00a0<\/em>(NAR), total housing inventory is down 18.8% from one year ago. Inventory is well below what was available last year, and the houses that do come to the market are selling very quickly.<\/p>\n

Sam Khater,\u00a0Chief Economist<\/em>\u00a0at\u00a0Freddie Mac<\/em>\u00a0notes<\/a>:<\/p>\n

\u201cSimply put, new housing supply is not keeping up with rising demand. We estimate that the housing market is undersupplied by 3.3 million units, and the shortage is rising by about 300,000 units a year. More than half of all states have a housing shortage.\u201d<\/em><\/p><\/blockquote>\n

Why is inventory so low?<\/strong><\/h4>\n

There are many reasons why it\u2019s hard to find a home to buy today, stemming from an undersupply of newly constructed homes to sellers pressing pause on their moving plans due to the current health pandemic. One of the key factors making it even more challenging, however, is the amount of time current homeowners are staying in their homes. There has truly been a fundamental shift in the market that started about 10 years ago: people are staying put longer, and it\u2019s contributing to the shortage of houses for sale.<\/p>\n

In the\u00a02019 Profile of Home Buyers and Sellers<\/em><\/a>, NAR explained:<\/p>\n

\u201cIn 2019, the median tenure for sellers was 10 years\u2026After 2008, the median tenure in the home began to increase by one year each year. By 2011, the median tenure reached nine years, where it remained for three consecutive years, and jumped up again in 2014 to 10 years.\u201d<\/em><\/p><\/blockquote>\n

As shown in the graph below, historical data indicates that staying in a home for 5-7 years used to be the norm, until the housing bubble burst. Since 2010, that length of time has trended upward, toward 9-10 years, largely due to homeowners aiming to recoup their\u00a0equity<\/a>:<\/p>\n

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Average Length of Time Homeowners Are Staying in their Homes<\/p><\/div>\n

Thankfully, with the strength the market has gained over the last 10 years, today\u2019s homeowners are in a much better equity position. Now is a fantastic time for homeowners who are ready to make a move to break the 10-year trend and sell their houses, especially while buyer demand is so high and inventory is so low. It\u2019s a prime time to sell.<\/p>\n

In addition, with today\u2019s historically\u00a0low interest rates<\/a>, there\u2019s an opportunity for sellers to maintain a low monthly payment while getting more house for their money. Think: move-up opportunity, more square footage, or finding the features they\u2019re really looking for rather than doing costly renovations. With more\u00a0new homes<\/a>\u00a0poised to enter the market this year, homeowners ready to make a move may have a golden opportunity to do so right now.<\/p>\n

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

There are simply not enough houses for sale today. If you\u2019re ready to leverage your equity and sell your house, let\u2019s connect today. It\u2019s a great time to move while demand for homes to buy is extremely high.<\/p>\n

 <\/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>
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\nTwitter<\/a>
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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

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Inventory is arguably the biggest challenge for buyers in today\u2019s housing market. There are simply more buyers actively looking for homes to purchase than there are sellers selling them, so the scale is tipped in favor of the sellers. According to the latest\u00a0Existing Home Sales Report\u00a0from the\u00a0National Association of Realtors\u00a0(NAR), total housing inventory is down… Finish Reading Thinking of Selling Your House? Now May be the Right Time<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[69],"tags":[15,10,18,16,27,91,52,25,9,66,49,63,20,12,24,48,13,28,197,54,47,19],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/962"}],"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=962"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/962\/revisions"}],"predecessor-version":[{"id":965,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/962\/revisions\/965"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}