WOW! Housing inventory is at its lowest since 2005. So what does that mean?
If you are a buyer, you have fewer homes to choose from. The lack of inventory is driving the home prices up, thus you will be paying more than you would have last year at this time for the same home. If you are thinking of buying or getting ready to buy, you may want to act sooner rather than wait. Your hesitation will lead to disappointment as prices continue to rise and the available inventory shrinks.
Yes, more inventory will make its way to the marketplace as some homes now gain value and are no longer under water, but not at a pace that can keep up with the current demand. Perhaps you are someone that has been waiting to sell, but did not think you could sell your home for what you owe. Now is a good time to contact a real estate professional for a consultation and review what has happened in your neighborhood with recent sales activity. This may be the opportunity to sell your home and move on to your next stage in life. There are more buyers looking for homes than in previous years. Buyer demand is high because interest rates remain historically low, making homes more affordable than in the past. New home construction has begun again so you may want to sell now before you have the new homes for your competition in selling your current home. We have turned the corner and are becoming a seller’s market in many price points and neighborhoods.
If you would like a complimentary market analysis of your home, please feel free to contact me at 602-321-1693 or firstname.lastname@example.org.