Real Estate
One of the biggest challenges in the housing market right now is how few homes there are for sale compared to the number of people who want to buy them. To help emphasize just how limited housing inventory still is, let’s take a look at the latest information on active listings, or homes for sale in a given month, as it compares to more normal levels.
According to a recent report from Realtor.com:
“On average, active inventory in June was 50.6% below pre-pandemic 2017–2019 levels.”
The graph below helps illustrate this point. It uses historical data to provide a more concrete look at how much the numbers are still lagging behind the level of inventory typical of a more normal market (see graph below):
It’s worth noting that 2020-2022 are not included in this graph. That’s because they were truly abnormal years for the housing market. To make the comparison fair, those have been omitted so they don’t distort the data.
When you compare the orange bars for 2023 with the last normal years for the housing market (2017-2019), you can see the count of active listings is still far below the norm.
If you’re thinking about selling your house, that low inventory is why this is a great time to do so. Buyers have fewer choices now than they did in more normal years, and that’s continuing to impact some key statistics in the housing market. For example, sellers will be happy to see the following data from the latest Confidence Index from the National Association of Realtors (NAR):
When supply is so low, your house is going to be in the spotlight. That’s why sellers are seeing their homes sell a little faster and get more offers right now. If you’ve thought about selling, now’s the time to make a move. Let’s connect to get the process started.
Stay up to date on the latest real estate trends.
Mortgage
Mortgage rates will come down slightly. More homes will sell. And prices will rise more moderately.
Mortgage
If you're in the market for a million-dollar home, now is an excellent time to explore the thriving luxury market.
Mortgage
What does this mean for the housing market, and more importantly, for you as a potential homebuyer or seller?
Mortgage
While financial aspects are important, sometimes the personal motivations for moving are reason enough
Mortgage
Here’s some information that could help you make your decision.
Mortgage
The biggest missteps are pricing a house too high, skipping repairs, not being objective, and not being willing to negotiate.
New Listing
6 beds | 4 baths | 2,232 sq ft
Mortgage
For now, this is still seller’s market territory – it’s just not as frenzied of a seller’s market as it’s been over the past few years.
Mortgage
Mortgage Rates Are Projected To Come Down Slightly
You’ve got questions and we can’t wait to answer them.