This week we are shining our Spotlight on the elusive 'For Sale' sign. If you are a buyer looking for a home in Arlington, you're probably already very aware that inventories are very, very low.
According to the National Association of REALTORS:
"The inventory of existing homes is at its lowest level in seven years, while newly constructed home inventory has hit a 50-year low mark. Falling inventory is causing home prices to shoot up higher and faster than most analysts anticipated."
However, if you are a potential seller, you have a unique opportunity to capitalize on a pool of buyers that are more than ready to make the move.
Little competition + lots of demand can result in multiple bids, a higher price and a faster process.
The Mortgage Bankers Association (MBA) is projecting that "mortgage interest rates could inch up almost a full percentage point in the next year."
This means that sellers who are slow to move could miss the boat as increasing mortgage rates could temper home buyers' ability and enthusiasm.