Now is the Best Time to Sell Your Real Estate - Why?
The spring real estate market is here. I know that Phil, everyone’s favorite weather predicting groundhog, saw his shadow, meaning six more weeks of winter. However, buyers in the housing market are not waiting for the snow to melt to find their next home.
The news media has reported that the housing market has cooled in the last year due to inflation, which is somewhat true as mortgage rates have increased to fight inflation. The prediction was that inflation was also going to drive home prices down and the demand for new homes with it. The financial prediction did not take into account that we have an inventory shortage and buyers are still migrating to rural areas in America. Idaho remains high on the list of places people would like to move.
We currently have 68 homes on the market in Idaho County and even less in Clearwater County, with 23 homes for sale. Active land listings are at a low, with only 96 properties available in Idaho County and 39 properties in Clearwater County. Coeur d’Alene MLS is reporting a decline of 3.9% in inventory.
Redfin, a Northwest real estate company, is predicting that the median U.S. home price could drop close to 4% in 2023, posing the first year-over-year decline in a decade. Home sales will also decline, falling to the lowest level since 2011, a drop of 30% from 2021. For home sales in the North Central Idaho region, we have seen a decrease in sales price of 2.8% this year to date.
What does this mean for you if you are thinking of selling your property in 2023? “Sell now before the price drops and before interest rates increase more. Your property will sell because inventory is very low!” says Mike Duffy, President of United Country Real Estate.
If you are thinking of selling, now is the time to get your home on the market! The average time on market is 157 days to close. If you would like to get the most value for your home and move in the warmer weather, list your property now!
Call our team of local experts today! (208) 476-1950