Now is the time to sell your property in Florida!
Pending Home Sales increased by 44.3% in May, registering the highest month-over-month gain in the index since the National Association of Realtors (NAR) started tracking this metric in January 2001.
In real estate, pending home sales is a key indicator in determining the strength of the housing market. It measures how many existing homes went under contract in a specific month. When a buyer goes through the steps to purchase a home, the final one is the closing. On average, that happens about two months after the contract is signed, depending on how fast or slow the process takes in each state.
With the COVID-19 pandemic and a shutdown of the economy, we saw a steep two-month decline in the number of houses that went under contract. In May, however, that number increased dramatically. This jump means buyers are back in the market and purchasing homes right now but in order to continue with this trend, we need more houses for sale on the market. As we move through the year, we’ll see an increase in the number of houses being built. This will help combat a small portion of the inventory deficit. The lack of overall inventory, however, is still a challenge, and it is creating an opportunity for homeowners who are ready to sell.
If you decided not to sell this spring due to the health crisis, maybe it’s time to jump back into the market while buyers are actively looking for homes. Reach out to Homes of America Realty in Florida to determine your best move forward. We can do a FREE comparative market analysis of your property and help you find out its value in this market.