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Housing Market Update for March, 2025
Orange county NY
Real Estate Market Update: A Strong Seller’s Market Continues
The real estate market is experiencing a dynamic shift, with several key indicators pointing to a competitive environment—especially for buyers. Let’s take a closer look at the numbers and what they mean for both buyers and sellers.
Low Inventory Driving a Seller’s Market
One of the most telling statistics is the Months Supply of Inventory, which currently sits at just 2.84 months. This number indicates how long it would take for all active listings to sell if no new homes were added to the market. A balanced market typically has around six months of inventory, meaning anything lower than that tends to favor sellers. With inventory levels this low, demand is outpacing supply, creating a highly competitive market.
Homes Are Selling Faster
Not only is inventory low, but homes are also selling at a rapid pace. The Median Days on Market is currently 48 days, meaning homes are being snatched up quickly. This is a clear indicator that buyers are eager to purchase, and properties are not sitting idle for long.
Additionally, the 12-Month Change in Months of Inventory has dropped by 19.32%, signaling a significant decrease in available homes compared to last year. This trend suggests that the housing supply is shrinking even further, making it more challenging for buyers to find suitable properties.
Rising Prices and Competitive Offers
With inventory decreasing and demand remaining strong, home prices are on the rise. The Median Sold Price now stands at $445,000, reflecting the growing competition among buyers. Low supply and high demand naturally drive up prices, meaning sellers are seeing increased returns on their properties.
Another telling metric is the Sold-to-List Price Percentage, which currently sits at 103.1%. This means that, on average, homes are selling for more than their asking price. Bidding wars are becoming increasingly common, with multiple buyers competing for the same property, often pushing final sale prices above the original list price.
What This Means for Buyers and Sellers
For Sellers:
This is an excellent time to list your home. With limited inventory and high demand, sellers are in a strong position to receive competitive offers—often above asking price. If you’ve been considering selling, now might be the perfect opportunity to capitalize on market conditions.
For Buyers:
The current market conditions require buyers to act quickly and strategically. With homes selling fast and bidding wars becoming the norm, it’s important to be prepared:
✅ Get pre-approved for a mortgage to strengthen your offer.
✅ Work with a real estate professional who understands the market.
✅ Be ready to make competitive offers, possibly above asking price, to secure the right home.
Final Thoughts
The housing market remains hot and competitive, with sellers benefiting from low inventory and rising prices. Buyers, on the other hand, need to move fast and be prepared to compete. Whether you’re looking to buy or sell, understanding these key metrics can help you navigate the market with confidence.
If you’re thinking about making a move, reach out to a real estate professional for guidance tailored to your specific needs.
Sussex County
Real Estate Market Update: High Demand, Low Inventory, and Rising Prices
The real estate market remains highly competitive, with strong demand and historically low inventory levels shaping the landscape. Buyers are facing increased pressure to act quickly, while sellers are benefiting from rising prices and fast sales. Let’s break down the key metrics that define today’s market and what they mean for buyers and sellers alike.
Inventory at Record Lows, Creating a Seller’s Market
The Months Supply of Inventory is currently at just 1.67 months, meaning that if no new homes were added, the existing supply would sell out in less than two months. A balanced market typically has about six months of inventory, so this extreme shortage strongly favors sellers. With more buyers than available homes, competition is fierce, making it challenging for buyers to find and secure properties.
Adding to the tight inventory situation, the 12-Month Change in Months of Inventory has declined by -12.57%, further restricting supply compared to last year. This indicates that homes are being bought faster than new listings can replace them, making the market even more competitive.
Homes Are Selling Faster Than Ever
Not only is inventory low, but homes are also selling at record speed. The Median Days on Market is now just 29 days, meaning that most homes go under contract in less than a month. This rapid turnover suggests that serious buyers are making swift decisions, often submitting offers shortly after listings go live.
For buyers, this means hesitation can cost them the opportunity to purchase a home. Working with a knowledgeable real estate agent and securing pre-approval for a mortgage can help ensure they’re ready to act when the right property becomes available.
Home Prices Are Strong and Continuing to Rise
Low inventory and high demand naturally lead to rising prices, and the numbers reflect this trend. The Median Sold Price now stands at $417,000, underscoring the competitive nature of the market. With limited options, buyers are often willing to pay a premium to secure a home.
Additionally, the Sold-to-List Price Percentage is 102.7%, meaning that, on average, homes are selling for above their asking price. This is a strong indicator of bidding wars, as multiple buyers compete for limited inventory, driving up final sale prices.
What This Means for Buyers and Sellers
For Sellers:
If you’ve been thinking about selling, now is an excellent time. Low inventory means less competition, and homes are selling quickly—often above asking price. This market offers strong opportunities to maximize returns on your property.
For Buyers:
Navigating this competitive market requires preparation and strategy:
✅ Get pre-approved for a mortgage to strengthen your offer.
✅ Work with an experienced real estate professional to identify opportunities quickly.
✅ Be prepared to make competitive offers—possibly above asking price—to secure a home.
Final Thoughts
The current market is highly competitive, with demand far outpacing supply. Sellers have the upper hand, while buyers need to be ready to move quickly and offer strong bids to succeed. Whether you’re buying or selling, staying informed on market trends and working with a knowledgeable agent can help you navigate this fast-moving landscape with confidence.
If you’re considering making a move, now is the time to connect with a real estate professional to strategize your next steps.
Congratulations to Vikki Garby: 2024 Q3 Sales Leader for BHGRE Green Team’s Warwick Office!
We are excited to announce that Vikki Garby has been named the 2024 Q3 sales leader for Better Homes and Gardens Real Estate Green Team’s Warwick office! Vikki’s commitment to her clients, passion for real estate, and tireless work ethic have helped her achieve this well-deserved honor, and we couldn’t be more thrilled to celebrate her success.
A Results-Driven Professional
Vikki’s success stems from her deep understanding of the real estate market and a results-driven approach that consistently delivers outstanding outcomes for her clients. Whether she’s working with buyers, sellers, or investors, Vikki brings a sharp focus and unwavering dedication to every transaction. Her ability to navigate the complexities of the real estate market and anticipate her client’s needs has made her a trusted and sought-after agent in the Warwick area.
Known for her proactive communication, attention to detail, and exceptional problem-solving skills, Vikki goes above and beyond to ensure that each client’s experience is smooth and successful. Her clients praise her ability to make them feel confident and informed throughout the entire process, resulting in long-lasting relationships and countless referrals.
Deep Local Knowledge Paired with Expertise
As a longtime resident and active member of the Warwick community, Vikki’s intimate knowledge of the local market is one of her greatest strengths. She is able to offer her clients invaluable insights into the area’s neighborhoods, schools, and market trends, giving them a competitive edge. Whether working with first-time homebuyers or seasoned investors, Vikki tailors her approach to meet her client’s specific goals, providing customized advice and strategies that maximize results.
Her ability to combine local expertise with a keen understanding of broader market dynamics allows Vikki to position her clients for success, no matter the challenge. Whether helping buyers find their dream home or guiding sellers in positioning their property to attract top offers, Vikki’s strategic mindset ensures exceptional results.
A Leader and Mentor
Beyond her impressive sales numbers, Vikki is a respected leader and mentor within the BHGRE Green Team. She is always eager to share her insights and support her colleagues, contributing to the collaborative and inclusive culture that defines our Warwick office. Vikki’s positive energy and willingness to help others achieve their goals have made her a valued resource and a respected figure among her peers.
Her leadership by example has not only earned her this quarter’s top spot but has also inspired those around her to reach new heights. Vikki embodies the team spirit we value at BHGRE Green Team, and her commitment to excellence helps elevate everyone she works with.
Client-First Mentality
What truly sets Vikki apart is her client-first mentality. She understands that real estate is not just about buying or selling properties—it’s about making life-changing decisions. Vikki takes pride in guiding her clients through these critical moments, offering thoughtful advice and personalized service every step of the way. Her honesty, integrity, and relentless focus on her clients’ needs have made her one of the most trusted agents in the Warwick area.
Her clients consistently highlight her dedication, noting that she listens carefully to their needs and works tirelessly to make their dreams a reality. Whether negotiating deals or navigating complex situations, Vikki’s calm and confident demeanor ensures that her clients feel supported and empowered.
Celebrating a Well-Earned Achievement
We are incredibly proud of Vikki Garby for earning the title of 2024 Q3 sales leader for our Warwick office. Her hard work, dedication, and passion for real estate are an inspiration to us all. This achievement is not just a reflection of her outstanding sales performance, but also of her commitment to excellence in everything she does.
Congratulations, Vikki! We are excited to watch your continued success as you lead with integrity, drive, and a true passion for helping others. Whether you’re looking to buy, sell, or invest, Vikki Garby is the trusted expert who can guide you through your next real estate journey.
Tom Folino Has Reached the 2024 Commission Cap!
Congratulations From Dana Green, President Of Better Homes and Gardens Real Estate Green Team, to Tom Folino for reaching the commission cap for Company Dollar Contribution in 2024!
“I am beyond excited to announce that Tom Folino has reached the CAP for 2024! Tom is not only an exceptional realtor but also an incredible team member who continuously goes above and beyond. He’s always eager to learn and grow as well as share his knowledge and assist the other members of our team with their own success. His dedication to his clients is unmatched, and his friendly, positive presence brightens our office every day. Congratulations, Tom! This achievement reflects your hard work and unwavering commitment to excellence. We’re so proud to have you as part of our Green Team family, and we can’t wait to see what else you accomplish!”
-Dana Green
Tom’s dedication to his clients and hard work has allowed him to reach the cap on her commission with BHGRE Green Team. This is an outstanding accomplishment and means Tom will now receive a 100% commission split on any deal he closes during 2024.
“I’m very thankful for the trust that my clients have placed in me to be their real estate agent, and I take that responsibility very seriously. My #1 priority is to help my clients achieve their goal of selling, buying, or renting. Without my clients, reaching the cap once again this year wouldn’t have been possible, So a big heartfelt Thank you to all of you who have placed that trust in me!
Reaching the cap is something all agents should be very proud of. In this business, it’s all about getting the job done for your clients while making the process as enjoyable and stress-free as possible for them. . When you teach the “Cap” it gives you a sense of accomplishment and is a reward for all of the hard work and commitment you have given to the process and more importantly, to your clients. I also want to thank our leadership team for giving us the tools we need to be successful in this business. The training, marketing and support that is offered definitely enhances our ability to be the Best we can be.”
Better Homes and Gardens Real Estate Green Team’s commission structure is undoubtedly one of the finest in the industry, but it doesn’t end there. Our lead generation platform, certified sales assistant program, and dynamic training systems are just a few other things worth mentioning.
Click here to learn more about Better Homes and Gardens Real Estate Green Team and why you should join our team.
Congratulations, Tom!
Commissions for LIFE!
Announcing Our New “Commissions for Life” Referral Program!
At Better Homes and Gardens Real Estate Green Team, we are constantly seeking innovative ways to support and reward our exceptional team of agents. Today, we are thrilled to unveil our latest initiative designed to do just that—the “Commissions for Life” referral program!
Introducing the Commissions for Life Referral Program
Our new Commissions for Life referral program is a testament to our commitment to fostering a collaborative and thriving community within our team. Effective immediately, this program offers an incredible incentive: 5% of the company dollar for life. Yes, you read that right—life!
Here’s how it works:
- Recruit and Earn: When you recruit a new agent to join BHGRE Green Team, you will earn 5% of the company dollar generated by your recruit.
- Longevity Pays Off: This 5% commission is for life, meaning as long as both you and your recruit hold your licenses with BHGRE Green Team, you will continue to benefit from this incentive. This includes if you hold your license with our referral company, Green Team Referral Realty.
Why We’re Excited About This Program
The Commissions for Life referral program brings numerous benefits to our agents, reinforcing our culture of teamwork and shared success. Here are some reasons why we believe this initiative is a game-changer:
- Ongoing Financial Reward:
- Passive Income: This program creates an opportunity for agents to earn a continuous stream of income. It’s a powerful way to supplement your earnings with minimal additional effort.
- Incentive to Grow: By bringing talented new agents into our family, you not only strengthen our team but also secure a lasting financial benefit for yourself.
- Enhanced Team Collaboration:
- Mutual Success: Our success is interconnected. This program encourages agents to actively participate in the growth and success of their peers, fostering a supportive and collaborative environment.
- Stronger Community: Building a stronger, more cohesive team enhances our ability to deliver outstanding service to our clients and achieve collective goals.
- Recognition and Appreciation:
- Valuing Contributions: The Commission for Life program is our way of recognizing and appreciating the vital role our agents play in expanding and enriching the Green Team.
- Celebrating Achievements: Your efforts in recruiting and mentoring new agents will be celebrated and rewarded, reinforcing our shared commitment to excellence.
Join Us in Shaping the Future
“With our Commission for Life program, you can unlock unparalleled earning potential. We are empowering our realtors to achieve more while securing a lifetime of financial rewards with a perpetual source of income.” – Dana Green, President of BHGRE Green Team
We are so excited about the endless possibilities this new program offers and look forward to seeing how it will empower our agents to reach new heights of success. Your dedication and passion are the driving forces behind our continuous growth and innovation.
Ready to Get Started?
If you have any questions about the Commission for Life referral program or want to learn more about how you can become a part of our team, please don’t hesitate to reach out to Nicole McCormick, our Director of Marketing and Growth.
Nicole McCormick
Director of Marketing & Growth
Nicole@GreenTeamRealty.com
C:973.945.5091
Together, we can make the Better Homes and Gardens Real Estate Green Team stronger and more successful than ever before.
Jimmy Cosenza is now a Licensed Real Estate Broker
Congratulations to James “Jimmy” Cosenza on becoming a Licensed Real Estate Broker.
Embarking on the journey to becoming a licensed real estate broker is no small feat—it demands extensive knowledge and unwavering hard work, an accomplishment achieved by a select few. For Jimmy Cosenza, an agent dedicated to becoming one of the best in the business, the path to becoming a broker was not just a professional milestone but a personal commitment to excellence.
Elevating Client Experiences
Jimmy Cosenza has long harbored a genuine interest in real estate. His passion and intricate local market knowledge uniquely position him to provide clients with a competitive edge. Whether assisting first-time homebuyers, helping sellers maximize property value, or guiding investors toward profitable opportunities, Jimmy’s dedication to excellence is unwavering.
Jimmy has previously earned certifications as a Real Estate Negotiator and obtained his Commercial and Investment Real Estate designation. Now, with the added responsibilities and capabilities of a broker’s license, he offers an even more comprehensive and strategic approach to real estate transactions. Clients can expect expert guidance, innovative solutions, and a level of service that reflects Jimmy’s continuous pursuit of excellence.
Looking to the Future
As Jimmy embraces this new chapter, his focus remains on the future. His commitment to self-improvement and genuine passion for real estate ensure that clients will continue to benefit from the highest service standards. Whether stepping into your first home, navigating the market as a seller, or seeking opportunities as an investor, Jimmy Cosenza is ready to help you navigate every aspect of the ever-changing real estate market.
Congratulations, Jimmy! Your unwavering dedication and hard work have led you to this well-deserved achievement as a licensed broker. All of us here at BHGRE Green Team wish you continued success as you embark on this new chapter of your real estate journey.
Celebrating BHGRE Green Team’s Goshen Office!
Celebrating the Opening of a New Office in Goshen, NY
Better Homes and Gardens Real Estate Green Team celebrated the opening of their new office in Goshen, NY on April 26th, with a ribbon-cutting ceremony. The event marked an important milestone for the brokerage, which has been serving the Hudson Valley and Northern NJ areas for the past 18 years.
Continued Growth and Expansion
Founded with a vision to provide exceptional service to their clients, Green Team has grown over the years, with the opening of their first office in Warwick, followed by the Vernon office, their affiliation with Better Homes and Gardens Real Estate, and now the opening of their third office in Goshen, NY. The success of the brokerage can be attributed to the dedication and hard work of their team, who have built a reputation as a trusted brokerage in the region.
A Hotspot for Productivity and Collaboration
The new office in Goshen is set to be a hotspot for Green Team’s agents, providing a comfortable and functional workspace. The spacious conference room and natural light will undoubtedly create an ideal environment for productive meetings and collaboration. Additionally, the team has access to a kitchenette and a cozy lounge for well-deserved breaks. Located next to an ice cream shop, the new space is the perfect place for the team to thrive and grow.
A Grand Celebration and Inspiring Speeches
The ribbon-cutting ceremony was a grand success, with a fantastic turnout from the team and the community. Attendees enjoyed delicious refreshments and good company while celebrating BHGRE Green Team’s new office.
The brokerage’s President, Vikki Garby, and CEO, Geoff Green, also gave speeches, expressing their excitement about the new office and their vision for the future of the brokerage. According to Vikki,
“We are nine months into our new brand and this is the first of hopefully many new offices to come. Growth is our mission right now and thank you for being a part of it. Thank you for supporting us and thank you for being here to share this celebration with us. We’re excited to be in Goshen, the center of the county, so we can grow our business naturally.”
Geoff also took the opportunity to recount his personal experiences in Goshen and the factors that influenced his decision to expand the brokerage in this vibrant community.
“My father, Joe Green, operated here for many years. In fact, when I first became a Realtor I worked with him out of his office at 255 Greenwich Ave, the old, white, hospital building, which he was there for many years; Krissy (Many) actually worked with my father as well. I started my career in real estate here (in Goshen) in 2005 and then I opened up the Green Team Home Selling System in Warwick New York. I didn’t think it would take me 18 years to get back to Goshen but all good things, in due time and we’re here and we’re very happy to be here.”
Community Support and Congratulations
Additionally, Green Team had many people come out to congratulate them and expressed their gratitude for the brokerage’s contribution to the community. This included Molly O’Donnell, the Mayor of Goshen, George Lyons from the Town of Goshen, as well as the Goshen Chamber of Commerce, and finally Evelyn from the office of Assemblyman Brian Maher.
The new office in Goshen is a testament to BHGRE Green Team’s commitment to providing their clients with the best service possible. With the expanded space and resources, the team will be better equipped to serve their community and continue to build on their success. Better Homes and Gardens Real Estate Green Team is excited to see what the future holds for their brokerage and is grateful for the continued support of their team and community.
Meet Renee Williams
Renée Williams is bringing her expertise to Better Homes and Gardens Real Estate Green Team!
Renée began her career as a political analyst in London’s Parliament. Following that she spent nearly a decade in Private Equity as a Financial Analyst. She worked in Midtown, Manhattan, at a global real estate-oriented merchant bank, asset management, and investment company. This company was the industry leader in distressed and value-focused real estate investing. This position earned her unrivaled experience across the real estate industry.
At the end of 2019, Renée relinquished her role at C-III Capital Partners to devote more time to social impact matters. Following this, she became a part of a minority-led, technology and social impact company in SoHo, New York. Providing top millennial, corporate professionals access to philanthropic, board leadership opportunities within well-known nonprofits and foundations. While a part of this company Renée led Corporate Relations, Diversity Training, and Partnership Engagement.
An expert in her field
Renée now works as a licensed real estate advisor. With extensive experience across mixed-use commercial and residential real estate. Additionally, she has firsthand property development and interior design experience. Thanks to her nearly 10-year career in private equity investment real estate she has lots to bring to the table as a real estate advisor.
“I enjoy all the different aspects of real estate and it doesn’t feel like work.” Say’s Renée when asked about her experience as an agent.
Additionally Renée is a Political Science Graduate of Boston University and Foreign Language Studies at London School of Economics. She is also an active member of the prestigious Alumni Society. This elite network is composed of senior-level Latinx leaders who graduated from the country’s top universities.
Making a house into a home
Four years ago Renée and her husband made the decision to leave Brooklyn and to relocate to the Hudson Valley. While house hunting in Greenwood Lake, they found a hidden gem in the form of a small lakefront bungalow. This home had recently gone into foreclosure and was in desperate need of some TLC. Thankfully Renée and her husband had a vision and were ready to make it a reality. After some hard work, they had completely transformed this property. They were now proud owners of an idyllic, three-story, contemporary-modern, designer lakefront home.
Renée’s dedication to her community
Now Renée is a proud member of the Warwick Valley Rotary Club and recent graduate of Leadership Orange Class of 2022. She is happy to go above and beyond for her community and serves monthly at the Greenwood Lake Food Pantry. Furthermore, she is honored to sit as the Chairwoman of the Rumshock Veterans Foundation.
As a former nationally ranked Rhythmic Gymnast and New England Patriots Cheerleader, Renée enjoys an active life. She can often be found on new adventures and traveling with her husband and two young children.
A new team to call her own
When it came time for Renée to leave her previous brokerage she wanted to find a group that would help her achieve her goals. When she met with us at Better Homes and Gardens Real Estate Green Team she could tell she found her new “home”. With our entire team ready to support her every step of the way she was ready to begin her newest adventure.
When asked why she picked Green Team she said: ” I chose to make a move because I feel that at BHGRE Green Team I would receive support. I also knew that they would truly focus on my success and help me to achieve my goals. That kind of support and personal touch is difficult to find in this industry.”.”
We are so happy to welcome Renée to our team and can’t wait to see all her future accomplishments.
What Does an Economic Slowdown Mean for the Housing Market?
According to a recent survey, more and more Americans are concerned about a possible recession. Those concerns were validated when the Federal Reserve met and confirmed they were strongly committed to bringing down inflation. And, in order to do so, they’d use their tools and influence to slow down the economy.
All of this brings up many fears and questions around how it might affect our lives, our jobs, and business overall. And one concern many Americans have is: how will this affect the housing market? We know how economic slowdowns have impacted home prices in the past, but how could this next slowdown affect real estate and the cost of financing a home?
According to Mortgage Specialists:
“Throughout history, during a recessionary period, interest rates go up at the beginning of the recession. But in order to come out of a recession, interest rates are lowered to stimulate the economy moving forward.”
Here’s the data to back that up. If you look back at each recession going all the way to the early 1980s, here’s what happened to mortgage rates during those times (see chart below):
As the chart shows, historically, each time the economy slowed down, mortgage rates decreased. Fortune.com helps explain the trend like this:
“Over the past five recessions, mortgage rates have fallen an average of 1.8 percentage points from the peak seen during the recession to the trough. And in many cases, they continued to fall after the fact as it takes some time to turn things around even when the recession is technically over.”
And while history doesn’t always repeat itself, we can learn from it. While an economic slowdown needs to happen to help taper inflation, it hasn’t always been a bad thing for the housing market. Typically, it has meant that the cost to finance a home has gone down, and that’s a good thing.
Bottom Line
Concerns of a recession are rising. As the economy slows down, history tells us this would likely mean lower mortgage rates for those looking to refinance or buy a home. While no one knows exactly what the future holds, you can make the right decision for you by working with a trusted real estate professional to get expert advice on what’s happening in the housing market and what that means for your homeownership goals.
Home Price Deceleration Doesn’t Mean Home Price Depreciation
Experts in the real estate industry use a number of terms when they talk about what’s happening with home prices. And some of those words sound a bit similar but mean very different things. To help clarify what’s happening with home prices and where experts say they’re going, here’s a look at a few terms you may hear:
- Appreciation is when home prices increase.
- Depreciation is when home prices decrease.
- Deceleration is when home prices continue to appreciate, but at a slower pace.
Where Home Prices Have Been in Recent Years
For starters, you’ve probably heard home prices have skyrocketed over the past two years, but homes were actually appreciating long before that. You might be surprised to learn that home prices have climbed for 122 consecutive months (see graph below):
As the graph shows, houses have gained value consistently over the past 10 consecutive years. But since 2020, the increase has been more dramatic as home price growth accelerated.
So why did home prices climb so much? It’s because there were more buyers than there were homes for sale. That imbalance put upward pressure on home prices because demand was high and supply was low.
Where Experts Say Home Prices Are Going
While this is helpful context, if you’re a buyer or seller in today’s market, you probably want to know what’s going to happen with home prices moving forward. Will they continue that same growth path or will home prices fall?
Experts are forecasting ongoing appreciation, just at a decelerated pace. In other words, prices will keep climbing, just not as fast as they have been. The graph below shows home price forecasts from seven industry leaders. None are calling for prices to fall (see graph below):
Mark Fleming, Chief Economist at First American, identifies a key reason why home prices won’t depreciate or drop:
“In today’s housing market, demand for homes continues to outpace supply, which is keeping the pressure on house prices, so don’t expect house prices to decline.”
And although housing supply is starting to tick up, it’s not enough to make home prices decline because there’s still a gap between the number of homes available for sale and the volume of buyers looking to make a purchase.
Terry Loebs, Founder of the research firm Pulsenomics, notes that most real estate experts and economists anticipate home prices will continue rising. As he puts it:
“With home values at record-high levels and a vast majority of experts projecting additional price increases this year and beyond, home prices and expectations remain buoyant.”
Bottom Line
Experts forecast price deceleration, not depreciation. That means home prices will continue to rise, just at a slower pace. Let’s connect so you can get the full picture of what’s happening with home prices in our local market and to discuss your buying and selling goals.
A Majority of Consumers Say It’s a Good Time To Sell Your House
If you’re a homeowner thinking about selling your house, you’re probably looking for the best time to make your move. That means you’re likely balancing a number of factors, like your changing needs, where you’ll go when you sell, and today’s mortgage rates in order to time it just right.
According to recent data, that sweet spot could already be here. The latest Home Purchase Sentiment Index (HPSI) by Fannie Mae finds that 76% of consumers believe now is a good time to sell.
The graph below shows the percentage of survey respondents who say it’s a good time to sell a house. The big dip in March and April of 2020 reflects how consumer sentiment dropped at the beginning of the pandemic as uncertainty about the health crisis grew. Since then, the percentage has grown consistently as more people feel confident it’s a good time to sell.
In fact, survey respondents think it’s an even better time to sell a house today than they did in 2019, which was a strong year for the housing market. The latest survey results indicate one of the strongest peaks in seller sentiment in nearly three years (see graph below):
What Makes Today a Good Time To Sell?
One reason so many people think it’s a good time to sell is because there are still more buyers in today’s market than there are homes for sale. That’s driving home prices up, making it a good time to sell your house.
And if you’re on the fence about whether or not to sell because you don’t know where you’ll go once you do, know that you might have more options today than in previous months. That’s because the number of homes coming onto the market has grown each month since the start of the year. When more homes come onto the market, it gives you more opportunities to find one that meets your changing needs.
Bottom Line
While the number of homes available for sale is growing and giving you more options for your move, inventory is still low overall. That could mean it’s a great time for you to sell. If you’re ready to address your changing needs and take advantage of today’s favorable conditions, let’s connect.
