The housing crisis in our market is finally in the rear view mirror as our real estate market moves toward complete recovery. Home values are up and distressed sales (foreclosures and short sales) have fallen to their lowest point in years. The market will continue to strengthen in 2019.
However, there is one thing that may cause our market to tap the brakes: a lack of housing inventory! Buyer demand naturally increases during the summer months, but supply in our area has not kept up in many communities.
Lawrence Yun, Chief Economist at the National Association of Realtors, recently stated that “Further increases in inventory are highly desirable to keep home prices in check, the sustained steady gains in home sales can occur when home price appreciation grows at roughly the same pace as wage growth.
Jessica Lautz, Vice President of the National Association of Realtors also weighed in on the current housing inventory shortage in many regions of the country in a recent statement that “There’s a supply-demand mismatch…more inventory is needed at the lower end and a price reduction may be needed at the upper end.”
With the continued problem of low inventory in our area and the increase in buyer demand locally, now is the perfect time to sell your house. These conditions will probably lead to a quicker sale for your house at a really good price.
This is also the perfect time to sell if your house needs some work as buyers in a low housing inventory market will overlook more condition issues in order to buy a home.
If you want to talk more about the benefits of selling your house in a low inventory – high buyer demand market, feel free to reach out to me.