An important metric in today’s residential real estate market is the number of homes available for sale. The shortage of available housing inventory is the major reason for the double-digit price appreciation we’ve seen in each of the last two years. It’s the reason many would-be purchasers are frustrated with the bidding wars over the homes that are available. However, signs of relief are finally appearing. What normally happens throughout the year? Historically, housing inventory increases throughout the summer months, starts to tail off in the fall, and then drops significantly over the winter. What happened last year? Last year, the trend was different. Historical seasonality wasn’t repeated in 2020 since many homeowners held off on putting their houses up for sale because of the pandemic. In 2020, active listings peaked in April, and then fell off dramatically for the remainder of the year. What’s happening this year? Due to the decline of active listings in 2020, 2021 began with record-low housing inventory counts. However, we’ve been building inventory over the last several months as more listings come to the market. There are three main reasons we may see listings continue to increase throughout this fall and into the winter: >>Pent-up selling demand >>New construction is starting to take off >>The end of forbearance will create some new listings If you’re in the market to buy a home, stick with it. There are new listings becoming available every day. If you’re thinking of selling your house, you may want to list your home before this additional competition comes to market.
Whether you’re buying or selling – today’s housing market has plenty of good news to go around. Buyers can take advantage of today039;s mortgage rates to escape rising rents and keep monthly payments affordable. Sellers can reap the benefits of multiple offers and a fast sale. If this sounds like good news to you, connect with a trusted real estate adviser so you can capitalize on the unique opportunity you have in today’s market.