HOW BUYER DEMAND IS AFFECTING CHINO HILLS, CA HOME SELLING
As May wrapped up, we saw that for the fourth month in a row, pending home sales were up. Not only that but the National Association of REALTORS®’ Pending Home Sales Index showed that contract signings were at their highest level since May 2006 (i.e. before the housing market crash and the Great Recession). All four of the United States’ major regions reported increases in home sales, too.
WHAT IS DRIVING THIS INCREASE IN SALES? BUYER DEMAND IS ONE OF THE BIGGEST FACTORS CONTRIBUTING TO A RISE IN CHINO HILLS, CA HOME SELLING.
For months, real estate agents have been reporting that foot traffic throw their showings is on the rise, despite the fact that housing inventories have been limited in many major markets. In fact, so many buyers are trying to get into their first or next homes that sellers are finding themselves in control of the real estate transaction, driving home prices up.
Despite the fact that the National Association of REALTORS® reported a slight decrease to 3.3 percent in existing-home sales in April, they say that with pending home sales, sales will climb over the summer.
The key in keeping up with hot buyer demand is an increasing inventory of for-sale homes. If more homes do not become available, this demand could drive home prices up significantly.
All this means that it is a great time to sell but buyers might need a little extra guidance to land their dream homes. If you are hoping to sell your home or buy this summer, contact John & Michelle in Chino Hills. With years of experience in the California real estate market, we are here to help sellers take advantage of the hot market and maximize their sale and help buyers beat out the competition to close the sale on their perfect homes.