A Lack of Inventory Continues to Impact the Housing Market
The housing crisis is finally in the rear-view mirror as the real estate market moves down the road to a complete recovery. Home values are up and distressed sales (foreclosures and short sales) have fallen to their lowest point in years. The market will continue to strengthen in 2019.
However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory! Buyer demand naturally increases during the summer months, but supply has not kept up.
Here are the thoughts of a few industry experts on the subject:
“Further increases in inventory are highly desirable to keep home prices in check, the sustained steady gains in home sales can occur when home price appreciation grows at roughly the same pace as wage growth.”
“There’s a supply-demand mismatch… More inventory is needed at the lower end and a price reduction may be needed at the upper end.”
“Heading into spring, U.S. prices are expected to continue to rise and inventory is expected to continue to increase, but at a slower pace than we’ve seen the last few months as fewer sellers want to contend with this year’s more challenging conditions… A buyer’s experience will vary notably depending on the market and price point they’re targeting.”
If you are thinking of selling, now may be the time! Demand for your house will be strong at a time when there is very little competition. That could lead to a quick sale for a really good price!
To view original article, visit Keeping Current Matters.
If you’re thinking of selling, know that the motivation for buyers to purchase right now is as high as ever with rates where they are today.
Having equity to re-invest in your next home is a major force that can make moving a reality.
The demand for lousing will keep growing this year. This may be your moment to list your house and make a move!
For the seventh year in a row, real estate has come out on top as the best long-term investment.
Check out the latest listing by BrookHampton Realty! You won’t want to miss this spacious 3-4 bedroom farmhouse! Call Donna today to schedule your private showing!
Summer is gearing up to be the 2020 buying season, so including your house in the mix may be your best opportunity to sell yet.