It would be a completely fair assessment to say that this has been a very good week in real estate.
Just two days ago, there were press reports everywhere about the health of the existing home sales market across the nation.
We've been seeing great things here in the Albuquerque area for some time, of course, so it wasn't a complete surprise to discover that existing home sales surged to a 10 year high nationally in January, rising by 3.3% to a seasonally-adjusted annual rate of 5.69 million units last month. Those are the highest figures seen since February 2007!, according to the National Association of REALTORS®.
There's simply no escaping the fact that buyer sentiment is in such great shape at the moment, with rising confidence in the economy and a labor market moving ever closer to full employment. There can be no question that improving job opportunities are helping buyers, especially young adults, make the leap to owning a place oftheir own.
This situation is arguably even more remarkable when you consider that mortgage rates have been progressively rising away from near historic lows since October (although there has been some degree of stabilization lately).
It all points to incredible current levels of resilience of buyer sentiment that are defying expectations, exemplified by a much higher than expected year-on-year rise in existing sales last month.
And all this is occurring at a time when inventory of available homes for sale continues to fall - something we've seen here in the Albuquerque area for some considerable time now, and the situation isn't improving. In fact, it's more than likely that last month's sensational sales figures would have been even higher with more inventory!
For would-be sellers, the message simply couldn't be clearer. Buyers are extremely keen to find a home of their own at a time when there is short supply. In terms of creating a perfect selling storm, it arguably doesn't get better, considering the lack of competition for these buyers among sellers and the consequent likelihood of more robust asking prices and shorter timescales.
All other things remaining equal, if you're seriously considering selling, there's so much merit in acting right now while market conditions are in such good shape. Why not contact us today for the best advice about getting things under way in your individual situation.