Because of the shortage of inventory in our market, now might be the time to sell your home. If you’re a buyer, you also need to act fast because homes are moving quickly.
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Our housing market is moving along in positive recovery mode. In most price ranges, both home sales and home values are up. Distressed homes have fallen, and it looks as though our market is racing forward this year.
However, a lack of inventory may cause this momentum to slow down. It appears that buyer demand will remain strong over the summer, but supply will not be able to keep pace. Lawrence Yeung, the chief economist at the National Association of Realtors, says that sellers are in the driver’s seat this spring. Intense competition for fewer homes for sale is forcing buyers to be aggressive in their offers. They’re showing resiliency, though, given the challenging conditions.
Supply can’t keep pace with current buyer demand.
Freddie Mac says that tight housing inventory has been an important feature of the housing market—at least since 2016. Inventory for starter homes is currently at its lowest level in more than 10 years. To quote Pro Teck CEO Tom O’Grady, “The lack of inventory is real, and could have a severe impact on home sales in the following months.”
The bottom line is if you’re thinking about selling your house, now may be the time. Demand for your house is strongest when there is little competition among other sellers. If you’re thinking about buying a home, you should keep your eyes peeled—homes are moving very quickly.
If you have any questions about our market or are thinking about buying or selling a home, feel free to reach out to me. I’d be happy to help you.
