If you are a homeowner in Yuma county, I want you to know about a unique situation going on right now in the housing market that might present an opportunity for you.
The Dual Market
It is what we call a Dual Market, and it means that you can essentially sell your house in a seller’s market; and at the same time buy a house taking advantage of a buyer’s market.
How does this work?
The best way I can think to describe this is to show you the current market reality on a graph
This shows you what percentage of homes sold in each price range so far this year.
34% of home sales have been for less than $100,000
32% of homes sold have been between $100,000 and $150,000
15% of homes sold have been between 150,000 and $200,000
And so on…
Now let’s look at homes available for sale
You can see that…
34% of the homes currently listed for sale are under $100,000
21% are between $100,000 and $150,000
And so on…
Now let’s combine these 2 charts and see what the information tells us:
On this chart, the orange are the sales, and the blue are the homes available for sale.
If there are more sales than homes available, it’s a seller’s market (meaning good conditions for selling, not as good for buying).
If there are more homes for sale than there are buyers buying, it’s a buyer’s market (meaning good conditions for buying, not as good if you are selling).
Another way of saying this is if the orange bar is taller than the blue, it’s a seller’s market. If the blue is taller than the orange, that represents buyer’s market.
So what does this mean to you?
If you have a house to sell in the $200,000 and under price range, your house is on demand. There are buyers out there looking for a house like yours. There is a shortage of houses like yours on the market, and you will probably be able to get it sold for top dollar.
Once your house is sold, the higher price range you want to move into is currently experiencing a buyer’s market! There are plenty of homes available and not enough buyers! That should help you get a great deal on your next house.
This may be a very short window of opportunity.
Mortgage rates are predicted to rise in the near future. Take advantage of low rates and these uniquely advantageous market conditions to move into your dream home today!