IT SEEMS HARDER THAN EVER TO FIND A HOME TO BUY. BEFORE THE HEALTH CRISIS HIT US OVER A YEAR AGO, THERE WAS ALREADY A SHORTAGE OF HOMES FOR SALE. WHEN MANY HOMEOWNERS DELAYED THEIR PLANS TO SELL AT THE SAME TIME THAT MORE BUYERS AIMED TO TAKE ADVANTAGE OF RECORD-LOW MORTGAGE RATES AND PURCHASE A HOME, HOUSING INVENTORY DROPPED EVEN FURTHER.
Experts consider this to be the biggest challenge facing an otherwise hot market while buyers continue to compete for homes. As Danielle Hale, Chief Economist at realtor.com, explains:
“With buyers active in the market and seller participation lagging, homes are selling quickly and the total number available for sale at any point in time continues to drop lower. In January as a whole, the number of for-sale homes dropped below 600,000.”
Does this mean houses aren’t being put on the market for sale?
Not exactly. While there are fewer existing homes being listed right now, many homes are simply selling faster than they’re being counted as current inventory. The market is that competitive! It’s like when everyone was trying to find toilet paper to buy last spring and it was flying off the shelves faster than it could be stocked in the stores. That’s what’s happening in the housing market: homes are being listed for sale, but not at a rate that can keep up with heavy demand from competitive buyers.
The Good News for Homeowners
The health crisis has been a major reason why potential sellers have held off this long, but as vaccines become more widely available, homeowners will start making their moves. Ali Wolf, Chief Economist at Zonda, confirms:
“Some people will feel comfortable listing their home during the first half of 2021. Others will want to wait until the vaccines are widely distributed.”
With more homeowners getting ready to sell later this year, putting your house on the market sooner rather than later is the best way to make sure your listing shines brighter than the rest. If you’re ready to sell your house, you’ll likely want it to sell as quickly as possible, for the best price, and with little to no hassle. If you’re looking for these selling conditions, then right now is the perfect time.
Today’s housing market is a big win for sellers, but these conditions won’t last forever. If you’re in a position to sell your house, the time is now! Give me a call and “Let’s Get Moving!”
By: ANITA LAMBERTI, P.A. CIPS, TRC Realtor
Coldwell Banker Realty