In a recent economic forecast, Freddie Mac addressed the inventory levels as BELOW historic norm. " Including newly built homes in the inventory count, the total number of homes offered for sale relative to the number of households in the US has been running at the lowest level in more than 30 years" "The relatively low for sale inventory reflects several features of today's market.
The National Association of Realtors research shows us a balanced real estate mark requires a six month supply of available housing inventory. According to a Existing Sales Report earlier this week, NAR revealed that we are still only at 5.5 month supply inventory.
What occurs when inventory levels remain below historic norms is it becomes a seller's market. This is true for our real estate market in Lake Charles and Southwest Louisiana. With the burst of economic growth and expansion bringing new residents to Lake Charles, our current real estate inventory cannot meet the supply. Developers and builders cannot keep up with the demand and this will continue to be an issue as more of those permanent jobs bring residents to Lake Charles from now through in 2015. Don't be surprised to see a low amount of results when searching for Lake Charles Home that there are not many homes that come up in your home search!
Multiple offers on properties are becoming more and more common, What is here today may be gone tomorrow! Lake Charles Home Buyers check out these tips for multiple bid strategy!
If you are considering selling your home, now may be the time to list it for sale, Contact me to go more into detail with your home value and listing