In school, we all learned the theory of supply and demand. When the demand for an item is greater than the supply of that item, the price will surely rise.

SUPPLY

The National Association of Realtors (NAR) recently reported that the inventory of homes for sale in CT stands at a 3.8-month supply. This is considerably lower than the 6-month supply necessary for a normal market.

DEMAND

Every month NAR reports on the number of buyers out in the CT market looking for homes, which is also known as buyer traffic.

Many CT buyers are being confronted with a very competitive market in which they must compete with other buyers for their dream homes (if they are even able to find a home they wish to purchase).

Listing your house for sale in CT now will allow you to capitalize on the shortage of homes for sale in the market, which will translate into a better pricing situation.

HOME EQUITY

Many CT homeowners underestimate the amount of equity they currently have in their homes. According to a recent Fannie Mae study, 37% of CT homeowners believe that they have more than 20% equity in their homes. In reality, CoreLogic’s latest Equity Report tells us that 78.9% actually do!

Many CT homeowners who are undervaluing the equity they have in their homes may feel trapped, which may be contributing to the lack of inventory in the market.

Bottom Line

If you are debating selling your home this year, meet with a real estate professional at Dave Jones Realty who can evaluate the equity you have in your home, as well as the opportunities available in your market.