When selling your house, you’re probably juggling the current market conditions and your needs as you plan your move.
One thing that may be working in your favor is how few homes there are for sale right now. Here’s what you need to know about the current inventory situation and its meaning.
The Supply of Homes for Sale Is Far Below the Norm
When you’re selling something, it helps if what you’re selling is in demand but is also in low supply. Why? That makes it even more desirable since there’s not enough to go around. That’s exactly what’s happening in the housing market today. More buyers are looking to buy than there are homes for sale.
Here’s the latest information on active listings, or homes available for sale to tell the story
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During the fourthquarter of last year, some housing experts projected home prices were going to crash in 2023. The media ran with those forecasts and posted headlines calling for doom and gloom in the housing market. All of this negative news coverage made many people doubt the strength of the residential real estate market.
If it made you question if you should delay your plans to move, here’s what you need to know.
Home Prices Never Crashed
Disregard what you saw in the headlines. The actual data shows home prices were remarkably resilient and performed far better than the media would have you believe (see graph below):
This graph uses reports from three trusted sources to clearly illustrate that prices have already rebounded
Wondering why the supply of homes for sale is limited today? There are a few factors at play.
Lack of building over time, the mortgage rate lock-in effect, and people staying in their houses longer are three of the main reasons why supply is low.
But real estate agents know exactly where to look and what to do to make your dream a reality. Connect with The Aaronson Group so you have an expert on your side to help you successfully navigate the market and find your next home. Contact The Aaronson Group for your housing needs. Call us 949-388-5194 Email us: firstname.lastname@example.org
You might remember the housing crash in 2008, even if you didn't own a home. If you're worried there will be a repeat of what happened back then, there's good news – the housing market now differs from 2008.
One important reason is there need to be more homes for sale. That means there's an undersupply, not an oversupply like the last time. For the market to crash, there would have to be too many houses for sale, but the data doesn't show that.
Housing supply comes from three main sources:
Homeowners deciding to sell their houses
Newly built homes
Distressed properties (foreclosures or short sales)
Here's a closer look at today's housing inventory to understand why this isn't like 2008.