Strong demand and less competition are the primary two reasons. With home inventory so low, there is simply not enough homes for sale to meet the buyer demand. While not every home will sell fast, homes properly prepared and properly priced are selling in days in some areas. More to read in the attached report, but seriously - if you are thinking a different house is in your future, now is a good time to get going
You probably know what it is like to get Americans to agree on anything these days. But over 60% agree now is a good time to sell. Aside from a strong buyer demand, almost 80% of Americans have significant equity in their existing homes. That equity can be turned into buying power if you have a need or a want for a new home. You have nothing to lose by looking at some homes before you decide
For the 27th consecutive month, home inventory levels have dropped. That is astonishing - and yet good for sellers. Have a look at the chart. Will inventory stay that low? Not forever
We have all heard about the seller's market in recent times but did you know there is also a buyer's market going on at the same time? We reported on this a number of weeks ago. There is an out of balance situation for upscale luxury homes right now. More are on the market than are needed for current buyers. It is an interesting situation and indicative of the laws of supply and demand
Builders have an opportunity and they are not missing it. New construction permits are up almost 8% from a year ago. While I don't see new construction solving the entire home inventory shortage, new homes will help. Actually, I highly recommend new construction to my clients - almost always and for many other reasons. With the current shortage of resale homes, builders may have the answer you are looking for. I would be glad to help you explore that option