A Time of Opportunity for Home Sellers
In real estate timing can be everything, and right now a perfect storm is forming to the benefit of many Eugene area home sellers. Here are 4 key reasons why this spring promises to be an excellent sellers market.
- Low mortgage rates. remain historically low while monthly rents in our tight apartment market continue to rise. This is causing many long-time renters to make the jump to home ownership. Low rates also make it easier for existing home owners to move up into larger and higher-priced homes.
- High demand. All of the key statistics point to a very strong demand for Madison area real estate. For example, Dane County single family home sales were up by 14% in January of 2015 compared to January of 2014. Listings with accepted offers are also trending much higher. At the end of January, the number of Dane County single family homes with accepted offers was up by 29% from last year. These numbers from the South Central Wisconsin MLS suggest very strong sales totals in the months ahead.
- Low inventory. Local home and condo inventory is the lowest in many years and continues to trend lower. In some Eugene neighborhoods there are less than 2 months of supply
- The spring market. As we covered in a recent post, the late winter and early spring are great times to sell a home. In fact, listing a home by March 1st is an excellent choice. Many home buyers are actively searching during the month of March, while the number of competing listings is relatively low.