If you are one of the many Redding homeowners who is debating taking your home off the market for the next few weeks, don’t! You will miss the great opportunity you have right now!
The latest Existing Home Sales Report from The National Association of Realtors (NAR), revealed that the inventory of homes for sale has dropped to a 4.3 month supply. Historically, a 6-month supply is necessary for a ‘normal’ market, as explained below:
For an example: the Shasta County Multiple Listing Service (MLS) released their Market Summary for the month of November 2016 and showed an 11% increase in home sales over the same period last year. The amount of active listings has dropped by almost 2.5% versus last year. Shasta County is currently under a 4 month supply of homes for sale.
We have been in a seller's market here in Redding for some time now, and have seen home prices increase steadily. Even with home prices currently appreciating; there are even more buyers that are ready, willing, and able to buy right now! The supply of homes for sale is not keeping up with the demand of these buyers.
Redding home prices are currently appreciating in this seller’s market. Making your home available over the next few weeks will give you the most exposure to buyers who will be competing against each other to buy it.