“The success of the U.S. residential real estate market, like any other market, is determined by supply and demand.”
The success of the U.S. residential real estate market, like any other market, is determined by supply and demand. This means we need to look at how many potential purchasers are in the market versus the number of houses that are available to buy. With early 2020 housing data now rolling in, it’s quite evident there are two big stories impacting this year’s residential real estate market:
1. Buyer demand is already extremely strong
2. Housing supply is at a historically low level
ShowingTime is a firm that compiles data from property showings scheduled across the country. The latest ShowingTime Showing Index reveals how showings have increased in each of the country’s four regions for five months in a row.
Move.com also just released information indicating that the number of homes currently for sale has declined rapidly and now sits at the lowest level in almost a decade. They explained,
“National housing inventory declined 13.6 percent in January, the steepest year-over-year decrease in more than 4 years, pushing the supply of for sale homes in the U.S. to its lowest level since realtor.com began tracking the data in 2012.”
In response to these numbers, Danielle Hale, Chief Economist at realtor.com, said,
“Homebuyers took advantage of low mortgage rates and stable listing prices to drive sales higher at the end of 2019, further depleting the already limited inventory of homes for sale. With fewer homes coming up for sale, we’ve hit another new low of for sale-listings in January.”
Since there’s a historic shortage of homes for sale, putting your home on the market today could drive an excellent price and give you additional negotiating leverage when selling your house. Let’s get together to determine if listing your house now is your best move.
To view original article, visit Keeping Current Matters.
There are things you can do right now, from your home, to keep moving forward with your home search.
The Coronavirus pandemic has changed the world. With all that we are hearing , should we be showing homes right now?
More and more economists are predicting a recession is imminent as the result of the pullback in the economy caused by COVID-19.
The formal declaration of a #COVID19 #pandemic does not change the fact that you can – and should – take these simple steps to protect yourself and your loved ones.
The World Health Organization produced this video in January. It is still worth watching and explains the origins of the virus.
BrookHampton Realty will not be showing any properties for the time being. The safety of our clients and agents comes before all other concerns.