The days of buying at the bottom of the market for a great price are gone. The time to buy is now. Consider the following:

• Listing Inventory (Supply) – In January, the supply of homes available for sale nationwide was at a 13-year low. With the most active months just ahead, inventory levels are likely to drop even further,         potentially leaving to bidding wars.

 

• Home Sales (Demand) – Sales in January increased 9% nationally from last year. With more and more households being created and pent-up buyer demand,  sales are likely to continue to show dramatic increases.

 

• Pending Sales – Pending sales activity has exploded this year, up as much as 50% from last year. When pending sales begin to close, buyer competition will increase sharply.

 

• Months Supply of Homes for Sale (Consumption) – With 1.74 million listings nationwide, and 4.92 million in annual sales in January, there is a 4.2 month supply of homes for sale, compared to a normal 6 month supply. We are rapidly moving towards a seller’s market that will make favorable negotiations           impossible for buyers.

 

• Prices (Value) – Prices are already up 7% this year, and could go through the roof with concerns over  interest rate increase, as the strong selling season begins.