Mortgage FAQ: How Long Will My House Be on the Market
August 4, 2014
"THE LAST TIME I SOLD A HOME—IN 2010—IT TOOK A LONG TIME TO SELL. THIS SUMMER, I’M MOVING AGAIN. IS MY HOME GOING TO SIT ON THE MARKET FOR A LONG TIME AGAIN?"
How long a home is on the market is one of the biggest concerns a home seller has, but in looking at the most recent housing statistics, your concerns may be unwarranted this time around. Yes, all real estate is local, but the overall housing market today is very different than the overall housing market of four or five years ago. According to the National Association of Realtors, the Months’ Supply of Homes on the Market (the number of months it would take to sell all current homes on the market) averaged 9.4 months nationally in 2010.
Today, that number is much lower, with the April 2014 figures coming in at 5.9 months. This is just a national average and these figures don’t necessarily equate to average time on the market for your area, but in the hotter markets across the country—which continue to expand—many homes are selling much quicker. If you want the best information for your particular area, talk to your real estate agent. Not only will they have the latest figures, but their expertise in selling can also help put your mind at ease.
For more than 25 years, Omega Financial has been serving mortgage clients in Massachusetts. Our brokers have approximately 50 years in the mortgage business. You always will receive fast, courteous, and accurate information. Omega Financial, Inc. is a company duly licensed to operate in Massachusetts as a Mortgage Brokerage. We are located in the Town of Norwood, Massachusetts where we have been operating as Omega Financial Incorporated since 1988. Licensed by the Commissioner of Banks - License No. MB2671