There is no doubt that the largest challenge in today’s housing market is a lack of housing inventory for sale. This challenge has beendefinedas an“overwhelming lack of supply,”and even a“straight up inventory crisis.”
First Americanjust released the results of asurveywhich sheds light on the reasons for the current lack of supply.
The survey asked title agents and real estate professionals to identify what they believe are the top reasons for this lack of inventory in their markets. Here are the results of the survey:
47% - existing homeowners are worried that they will not be able to find a home to buy
5% - first-time buyer demand is absorbing a large share of available homes
3% - existing homeowners’ mortgage rates are lower than the current rates
6% - insufficient or negative equity in the home
6% - foreign buyer demand is absorbing a large share of available homes
As the survey revealed, there is a shortage of current homeowners willing to put their homes on the market for one of three reasons (see numbers 1, 3 and 4 above).
Is this an opportunity for some homeowners?
The report on the survey explains:
“The crowd has spoken, and it seems in many markets home buyers and sellers alike are ‘imprisoned’ by the lack of housing inventory."
That leaves a tremendous opportunity for every homeowner not facing these concerns. If you can put your home on the market today, you are subject to far less competition than at any time in recent history. That will result in your home selling quickly and for the highest possible price.
While many homeowners are feeling imprisoned for multiple reasons, those who are not handcuffed by these concerns have a once in a lifetime opportunity to sell their houses at a peak selling time.
Author:Heather F Davidson Phone: 609-209-7581 Dated: September 21st 2017 Views: 79 About Heather: I'm an agent whose business is built on the promise of exceptional customer service. If you are sel...
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Specialties: Buyer's Agent, Listing Agent, Relocation, Short-Sale
I'm an agent whose business is built on the promise of exceptional customer service. If you are selling your home or searching for that special place to call your own, you deserve to work with someone you trust-someone who you know has your best interests in mind. Whatever your particular Real Estate need, I'll work hard to make sure that you are completely satisfied. I have the knowledge, experience, and dedication that it takes to get results.
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"Heather helped me buy my first house and she made the whole experience way less stressful than it could have been. She is very knowledgeable and a very nice person. She had answers to all of my questions and if she didn't know the answer right away she was quick to get it. Even in my crises moments when I was second guessing about buying or what I was doing she was there to calm me down, help me out, and keep me headed in the right direction. I highly recommend her for anyone's future home needs."