{"id":7570,"date":"2021-07-13T10:00:08","date_gmt":"2021-07-13T10:00:08","guid":{"rendered":"https:\/\/thezakariagroup.com\/why-this-isnt-your-typical-summer-housing-market\/"},"modified":"2021-07-13T10:00:08","modified_gmt":"2021-07-13T10:00:08","slug":"why-this-isnt-your-typical-summer-housing-market","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/why-this-isnt-your-typical-summer-housing-market\/","title":{"rendered":"Why This Isn\u2019t Your Typical Summer Housing Market"},"content":{"rendered":"
\n

\"Why<\/p>\n

In real estate, it\u2019s normal to see ebbs and flows in the market. Typically, the summer months are slower-paced than the traditionally busy spring. But this isn\u2019t a typical summer. As the economy rebounds and life is returning to normal, the real estate market is expected to have an unusually strong summer season.<\/span><\/p>\n

Here\u2019s how this summer is stacking up against the norm and what it means for you.\"Why<\/a><\/p>\n

Inventory is increasing.<\/strong><\/h4>\n

According to the latest Existing Home Sales Report<\/em><\/a> from the National Association of Realtors<\/em> (NAR), inventory levels<\/a> have been rising since February of this year. Looking at the graph below, there\u2019s a clear upward trend, as shown in the green bars. Currently, there\u2019s roughly a 2.5 months\u2019 supply of homes for sale. And while inventory is trending up as more houses are coming to the market, it\u2019s still much lower than several of the previous summers, as the orange bars indicate.\"Why<\/a>If you\u2019re looking to buy<\/em><\/strong>, some relief is on the way in the form of more homes coming to the market. Just remember, we still have less inventory than the norm<\/a>, so be patient<\/a> in your search.<\/p>\n

If you\u2019re thinking of selling<\/em><\/strong>,<\/em> now is the time. Work with your agent to list your house<\/a> before it has more competition on the market.<\/p>\n

Time on the market is still shorter than normal.<\/strong><\/h4>\n

Unlike the typical summer trend, time on the market is moving at the fastest speed we\u2019ve seen since NAR started collecting this survey-based information in 2011. The most recent Realtors Confidence Index<\/em><\/a> shows that the average home is on the market for just 17 days, as shown in green in the graph below. This means houses are selling at a much faster pace than a typical summer, which the orange bars represent.\"Why<\/a>If you\u2019re looking to buy<\/em><\/strong>, this means you need to be prepared to move fast. Brace for a quick pace and rely on your agent to stay in the know on the available homes in your area.<\/p>\n

If you\u2019re thinking of selling<\/em><\/strong>,<\/em> data shows your house will likely sell quickly. If you\u2019re worried about where you\u2019ll go once your house sells, consider a newly built home as a good way to move up<\/a>.<\/p>\n

Price appreciation is still rising. <\/strong><\/h4>\n

The last big factor making this an unusually strong market this summer is home price appreciation<\/a>. According to the State House Price Index<\/em><\/a> from the Federal Housing Finance Agency<\/em> (FHFA), we\u2019re currently experiencing double-digit house price appreciation and have an average of 12.6% appreciation across the country. The graph below uses data from NAR<\/a> to show a more granular view of how prices have changed month-to-month over the past few years. The green bars show the current price appreciation we\u2019re experiencing today. Our current levels are well above what we\u2019ve seen in recent summers, shown by the orange bars.\"Why<\/a>If you\u2019re looking to buy<\/em><\/strong>, competition and bidding wars are driving prices up. Getting pre-approved<\/a> can show the seller you\u2019re serious and help you know what you can afford. Once you do, work with your agent to make a strong offer<\/a> that stands out.<\/p>\n

If you\u2019re thinking of selling<\/em><\/strong>,<\/em> seize this opportunity to use your additional equity<\/a> from this price appreciation to power your next move.<\/p>\n

Bottom Line<\/strong><\/h3>\n

This isn\u2019t a typical summer. Whether you\u2019re buying or selling, let\u2019s connect to talk about how you can capitalize on today\u2019s market conditions to sell your house or find your dream home.<\/p>\n<\/div>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

In real estate, it\u2019s normal to see ebbs and flows in the market. Typically, the summer months are slower-paced than the traditionally busy spring. But this isn\u2019t a typical summer. As the economy rebounds and life is returning to normal, the real estate market is expected to have an unusually strong summer season. Here\u2019s how […]<\/p>\n","protected":false},"author":101010,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[99,100,102,108],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\nWhy This Isn\u2019t Your Typical Summer Housing Market - The Zakaria Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thezakariagroup.com\/why-this-isnt-your-typical-summer-housing-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why This Isn\u2019t Your Typical Summer Housing Market - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"In real estate, it\u2019s normal to see ebbs and flows in the market. 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