Warwick | The Impact of Tight Inventory on the Housing Market
Selling a home is a daunting task for any homeowner. It involves an astute pricing strategy to position your house adequately and compete with the current market. Then the marketing process takes over to bring in the attention of all qualified buyers out there.
This is the part where most seller fail to recognize the importance of “great or mediocre” marketing. You are competing for the attention of all the buyers and they have lots of distractions that keep them away from your house…our marketing helps us connect with them at a deeper level.
It’s no surprise that homes sold by real estate agents sell faster, more easily, and for more money, because they are better prepared and they know the steps they must take at any given time to sell the house.
This is the reason why Realtors have access to knowledge and resources that the average homeowner does not, and statistically, a real estate agent will get a better price for a house than someone selling on their own.
Today, I would like to direct you to this point: The Impact of Tight Inventory on the Housing Market
The housing crisis is finally in the rear-view mirror as the real estate market moves down the road to a complete recovery. Home values are up, home sales are up, and distressed sales (foreclosures and short sales) have fallen to their lowest points in years. It seems that the market will continue to strengthen in 2018.
However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. While buyer demand looks like it will remain strong throughout the winter, supply is not keeping up.
Here are the thoughts of a few industry experts on the subject:
National Association of Realtors
“Total housing inventory at the end of November dropped 7.2 percent to 1.67 million existing homes available for sale, and is now 9.7 percent lower than a year ago (1.85 million) and has fallen year-over-year for 30 consecutive months. Unsold inventory is at a 3.4-month supply at the current sales pace, which is down from 4.0 months a year ago.”
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