Good News for Home Sellers

Recently, Realtor Magazine reported that Fannie Mae has concluded that the residential real estate market will remain strong and grow in 2013 and 2014.

Fannie Mae projects that single home sales will increase by 10.5 percent this year when it is expected that 5.15 existing homes will be sold and then by an additional 6.2 percent in 2014 when it is anticipated that nearly 5.5 million homes will change hands.

Following the economic crisis new home sales plummeted and builders pulled back. Housing starts were way down creating the present lack of inventory in single family homes. However, Fannie Mae also predicts that sales of new homes will grow by 15.1 percent this year and by a stunning 44.1 percent in 2014.

This means that existing home owners who are thinking of selling need to act quickly. The ongoing low home inventory will start to dissolve by the end of the year and existing homes sell better when new home competition is sparse.

Buyers compare the perks that come with new homes to what they perceive to be the blemishes inherent in existing homes. Shiny new appliances, fresh paint and such are quite attractive.

If you are thinking of selling, the time to list is now, low inventory means competition among buyers.

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