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Real estate analysts have predicted that 2014 will be the year for sellers; so if you’re waiting to sell your home, you may want to reconsider.
In November, housing prices were up 7.2% from a year prior and the highest since August of 2008, according to the National Association of Realtors. In the 20 largest metro areas prices in October increased sizably. The economic recovery is finally picking up since the housing bust seven years ago. Sellers are finding that they have more room for negotiating as more buyers are entering the market due to drops in the unemployment rate and the increase in consumer confidence.
As mortgage rates are rising pushing home prices up, the amount of for-sale listings are limited. These are some of the factors that come with a sellers market. With limited homes on the market some buyers fear that they won’t be able to find their perfect home.
Buyers are now snatching up properties faster. In November 2013 homes were selling 11% faster than the previous year. In some cities such as New York, homes were selling 20% faster.
Beyond 2014 though, more homes are expected to hit the market. Some analysts say that the supply-demand imbalance that has helped create this seller’s market is largely due to investment firms and others who are purchasing large numbers of homes to turn into rentals.