Today we’ll be taking a quick look at the state of our market.
Home prices are up, and appreciation has been gaining momentum over the last few years. However, this is beginning to slow down because of low housing inventory. Though buyer demand remains strong, there’s not enough supply to satisfy it. This is despite the fact that there are more listings today than there have been for years.
According to an article in the World Property Journal, the slow rate of growth has done little to reverse the long-term decrease of inventory that has taken place since January 2015. In July 2017, inventory was falling at the fastest pace since 2014—12.8% year over year.
Robert Dietz, chief economist of the National Association of Home Builders, says that low amounts of construction and high land costs are fueling the inventory crisis. New construction homes have been unable to meet demand.
Danielle Hale, chief economist at Realtor.com, says there will be more inventory soon. However, it may not be in many buyers’ price range.
The bottom line is that it’s a great time to sell. If you put your home on the market, you have some distinct advantages: Demand is high and competition is low. With the right strategy, you’ll be able to sell for a high price in a short amount of time.
If you’re thinking about selling, I invite you to read my free eguide. It will tell you everything you need to know about selling your home quickly and for top dollar. If you have any other questions or would like more information, feel free to reach out to me. I look forward to hearing from you soon.