Great article in my monthly Realtor magazine. Lawrence Yun, NAR's chief economist, is saying that as our market is turning, there could be a challenge due to falling inventories. I counsel potential seller's in my market that this is the current situation here as well as nationally. Thus far, there has been no impact on home prices rising due to lack of inventory, but that would seem to be the next thing we see take place.
Mr. Yun also says that the existing home inventory (nationally) is at its lowest level in 7 years, while new construction has hit a 50 year low mark!! Nationally, prices in August were up 9.5%, again, I don't see that in my area - yet.
Inventory usually goes down in the winter so it might be a good time to get a house listed if you are on the fence. The sellers who have been waiting to sell, will not change the situation if they list now since they are probably going to buy something else.
Hmm, going from a distressed home selling market to a shortage. Neither are ideal situations and present different challenges, but maybe it will be easier to sell in a market with not a lot to choose from.
Comments (0)Subscribe to CommentsComment