Are a Flood of New Listings Coming to our Real Estate Market?
We have previously talked about the diminishing supply of housing inventory in Sussex County and how it is impacting our real estate market. As we move into spring of 2014, we are seeing near record lows In the Rehoboth Beach market especially.
The situation might be about to change dramatically according to a recent survey by Lending Tree.
The survey revealed three interesting findings. Of those surveyed:
- 63% have a positive outlook on the economy this year
- 69% have a positive outlook on housing this year
- 71% said they are considering selling their home this year
While the first two findings are good news, the third was rather amazing.
71% of homeowners are considering selling their home in the next 12 months!
While we realize that 70% of the housing inventory could never be turned over in a year, it is interesting that people are again thinking about selling. There has been a bottled-up selling demand over the last few years because families lost both equity in their homes and confidence in the economy. Rising prices have returned equity to many and an improving economy is again rebuilding consumer confidence.
Only time will tell if your neighborhood will have multiple signs in the yards. However, even if a small portion of that 71% actually decide to sell, this year’s real estate market could be very interesting as we move forward. If you are considering selling, you should talk to your mortgage & real estate professionals to see if it makes financial sense. If you're sure you will list this year, do it before these other homes come on the market.
Feel free to reach out to Carla & Pat with any questions you may have about local real estate conditions and how we may be able to help you get your home sold. Get a free comparative market analysis on your home today by clicking here.