|Posted: 29 Mar 2016 KCM CrewThe National Association of Realtors (NAR) just announced that the February Pending Home Sales Index reached it’s highest reading since July 2015.
What is the Pending Home Sales Index (PHSI)?
NAR’s PHSI is “a forward-looking indicator based on contract signings”. The higher thePending 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:
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 sale now will 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.
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