The time it takes to sell a home is shrinking. In fact, the selling period is now in the range of historic norms for healthy market conditions. The median time a home was listed for sale on the market was 69 days in July, down 29.6 percent from 98 days in July 2011, according to a recent report from the National Association of Realtors.
The median reflects a wide spectrum; one third of homes purchased in July were on the market for less than one month, while one in five was on the market for at least six months. Lawrence Yun, NAR chief economist, said there is a clear relationship between inventory supply and time on market. "As inventory has tightened, homes have been selling more quickly", he said. "A notable shortening of time on market began this spring, and this has created a general balance between home buyers and sellers in much of the country"
With interest rates at historic lows, if you can find the right house, its a great time to "jump in"
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Gordon has helped me buy and sell several properties over the last ten years, with my most recent purchase in 12/2011 in Morris Township. I am always blown away by the expert advice that Gordon and his team bring to these transactions, and the excellent referrals to various specialty contractors that they have given me over the years. And of course, Gordon is a great guy and a lot of fun to work with!"