3 Expert Insights On Inventory In The Current Market
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The
current housing landscape presents greater home values, low interest
rates, and high buyer demand. All of these factors point to the strong market forecasted to continue throughout the rest of the year.
There is, however, one thing that may cause the industry to tap the brakes: an overall lack of housing inventory. Buyer demand naturally increases during the summer months, but the current supply is not keeping up.
Here is a look at what a few industry experts have to say:
“Market conditions are ripe for increasing home sales
with one glaring exception. The supply of homes for sale remains tight,
keeping existing home sales below potential.”
“We’re not seeing as many new listings come up on the
market…It was only 18 months ago that the number of homes for sale hit
its lowest level in recorded history and sparked the fiercest
competition among buyers we’ve ever seen.”
Bottom Line
If you’re thinking of selling, now may be the time. Demand for your
house will be strong during a period when there is very little
competition, ideally leading to a quick sale and a great return on your
investment.
This year started strong for real estate, but then the market began to soften. Home inventory in the starter and move-up categories dwindled to almost nothing, mortgage rates were projected to rise, and home sales had decreased for several months in a row. To many, the outlook heading into 2019 appeared dim… at best. Then, in a 24-hour window last week, things seemed to change. On Wednesday, the National Association of Realtors’ (NAR) revealed in their Existing Homes Sales Report that home sales had INCREASED for the second consecutive month. The next day, NAR’s economic research team announced that the percentage of first-time buyers in the market was higher than last month and even higher than a year ago. What happened to turn around the downward momentum in the market? You only needed to wait a few hours to find out. On the heels of NAR’s revelations, Zillow released their November Real Estate Market ...
There are many conflicting headlines when it comes to describing today’s real estate market. Some are making comparisons to the market we experienced 10 years ago and are starting to believe that we may be doomed to repeat ourselves. Others are just plain wrong when it comes to what it takes to qualify for a mortgage. Today, we want to try and clear the air by shedding some light on what’s causing some of these headlines, as well as what’s truly going on. Myth #1: We Are Headed for Another Housing Bubble Home prices have appreciated year-over-year for the last 76 straight months . Many areas of the country are at or near their peak prices achieved before the last housing bubble burst. This has many worried that we are headed towards another housing bubble. Reality: The biggest challenge facing today’s real estate market is a lack of homes for sale! Demand is strong, as many renters have come off the fence and are searching for their dream homes. Histo...
The
current housing landscape presents greater home values, low interest
rates, and high buyer demand. All of these factors point to the strong market forecasted to continue throughout the rest of the year.
There is, however, one thing that may cause the industry to tap the brakes: an overall lack of housing inventory. Buyer demand naturally increases during the summer months, but the current supply is not keeping up.
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