The National Association of Realtors (NAR) just announced that the February Pending Home Sales Index reached it’s highest reading since July 2015.
What is thePending Home Sales Index (PHSI)?
NAR’s PHSI is“a forward-looking indicator based on contract signings”. The higher the Pending Home Sales Index number, the more contracts have been signed by buyers that will soon translate to sales. February’s Index rose 3.5% month-over-month to 109.1.
What does this mean for the market?
Lawrence Yun,NAR’s Chief Economist explained:
"After some volatility this winter, the latest data is encouraging in that a decent number of buyers signed contracts last month, lured by mortgage rates dipping to their lowest levels in nearly a year and a modest, seasonal uptick in inventory.""Looking ahead, the key for sustained momentum and more sales than last spring is a continuous stream of new listings quickly replacing what's being scooped up by a growing pool of buyers. Without adequate supply, sales will likely plateau."
So What Does This Mean For Buyers?
There is a lot of competition out there right now for your dream home. Prices are going to continue to climb, act now before you are priced out of your future home.
What Does This Mean For Sellers?
If you are on the fence about listing your home for sale and debating whether now is the time to move on with your plans of relocating… don't wait! There are more buyers that are ready, willing and able to buy their first, second, third, vacation, or investment property now than there has been in years! The supply of homes for sale is not keeping up with the demand of these buyers. Listing your home for salenowwill give you the most exposure to buyers and the best sales price.
Whether you are planning on buying or selling a house this year, waiting to act no longer makes sense. Give me a call at your earliest convenience!
Melissa Dille is a Real Estate Professional with EXIT Midlands Realty in Chapin, SC. She has been assisting clients with purchasing and selling their homes in the Lake Murray, Columbia, Irmo, Lexington, Chapin and Newberry areas. Feel free to call her with any of your real estate needs or questions at 803-315-1940, or feel free to email her at Melissa@scexit.com.
Author:Braden Campbell Phone: 803-609-7641 Dated: March 29th 2016 Views: 675 About Braden: Let me start off by saying how proud I am to be a part of the SC Exit Realty family. After being ...
Chapin, SC is known as "The Capital of Lake Murray" and with good reason. The residents of Chapin enjoy a relaxed lifestyle with the convenience of the city. Columbia, SC is just a quick 20 minute drive and shopping is even closer.You are embarking on an exciting journey, be sure that you find agents that will take time and share your enthusiasm during this process.
EXIT Midlands Realty is a full service real estate firm dedicated to assisting our clients with the purchase and sale of real estate in the Greater Columbia Area. We were founded in 2005 and quickly grew into one of the most innovative and knowledgeable firms in and around Columbia. Our staff is made up of full time professional agents that are dedicated to the profession of listing and selling real estate.
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"“So glad that Jill reached out to us”
We were out of state home buyers looking to purchase in South Carolina. After an initial trip searching with other agents and returning home really bummed, we began to look at more listings in the Midlands area and thankfully Jill contacted us. She wasted no time and began asking us exactly what we were looking for, price range, amenities etc. then promptly sent us listings. We immediately booked a flight to return quickly, as there were several homes we wanted to see. With Jill’s graciousness, experience, great communication, and listening skills, she found us the perfect home. We immediately made an offer and after one counter, we went into contract. Jill stayed close to the process, informing us of everything that was happening with who, what, when, how, and where things were at. She provided us with mortgage lenders, home inspectors and other professionals who would all be integral to helping us along the way. We learned from Jill and she was open enough to learn from us as we were both experienced home buyers looking for our final home. We closed on time per the negotiations and things fell into place wonderfully. We can’t say enough positive words about working with Jill, and highly recommend her no matter whether a buyer is in or out of state. Jill was there for us at every moment and we can’t thank her enough for her guidance, tenacity, and warm southern hospitality. Finally, a few adjectives come to mind to describe Jill: energetic, interested, motivated, professional, and most of all she went above and beyond to research properties that fit! We close by saying, Thanks Jill, we love our new home!