Where Have All The Houses Gone? In today’s housing market, it seems harder than ever to find a home to buy. Before the health crisis hit a year ago, there was already a shortage of homes for sale.
When many homeowners delayed their plans to sell at the same time that more buyers decided to take advantage of record-low mortgage rates and purchase a home, housing inventory dropped even further.
Danielle Hale, Chief Economist at realtor.com, explains:
“With buyers active in the market and seller participation lagging, homes are selling quickly and the total number available for sale at any point in time continues to
drop lower. In January as a whole, the number of homes for sale dropped below 600,000.”
As you can see on the map, nationwide inventory is 42.6% lower than it was as of early last year:
There are fewer existing homes being listed right now, and many homes are simply selling faster!
It’s like last year’s spring frenzy to buy toilet paper as it was flying off the shelves faster than it could be stocked in the stores. That’s what’s happening in the housing market: homes are being listed for sale, but not at a rate that can keep up with heavy demand from competitive buyers.
The Good News for Homeowners
As vaccines become more widely available, homeowners are expected to start making their moves. While some sellers are expected to feel comfortable listing their home during the first half of 2021, others will wait until the vaccines are more widely distributed.
With more homeowners getting ready to sell this year, putting your house on the market sooner rather than later is the best way to make sure your listing shines brighter than the rest.
When you’re ready to sell your house, you’ll likely want it to sell as quickly as possible for the best price. If you’re looking for these selling conditions, you’ll find them in today’s market. When demand is high and inventory is low, sellers have the ability to create optimal terms and timelines for the sale, making now an exceptional time to move.
Bottom Line
Today’s housing market is a big win for sellers, but these conditions won’t last forever. If you’re in a position to sell your house now, contact me to discuss how to benefit from today’s high demand and low inventory.
Source: Keeping Current Matters
