As the real
estate market continues to move down the road to a complete recovery, we see
home values and home sales increasing while distressed sales (foreclosures and short sales) continue to fall
to their lowest points in years. There is no doubt that the housing market will
continue to strengthen throughout 2018.
However, there is one thing
that may cause the industry to tap the brakes: a lack of housing inventory!
Here’s what a few
industry experts have to say about the current inventory crisis:
Lawrence Yun, Chief Economist for the National Association of Realtors
“Inventory coming onto the market during this year’s spring
buying season…was not even close to being enough to
satisfy demand,
that is why home prices keep outpacing incomes and listings are going under
contract in less than a month – and much faster – in many parts of the
country.”
Sam Khater, Chief Economist for Freddie Mac
“While this spring’s sudden rise in mortgage rates [took]
up a good chunk of the conversation, it’s the stubbornly low inventory levels
in much of the country that are preventing sales from really taking off like
they should… Most markets simply need a lot more new
and existing supply to
cool price growth and give buyers enough choices.”
Alexandra Lee, Housing Data Analyst for Trulia
“This
seasonal inventory jump wasn’t enough to offset the historical year-over-year
downward trend that
has continued over 14 consecutive quarters…Despite the second-quarter gain,
inventory was down 5.3% from a year ago. Still, this represents an easing of
the double-digit drops we’ve been seeing since the second quarter of 2017.”
Bottom
Line
If you are thinking about selling, now may be the time. Demand for your house will be strongest while
there is still very little competition which could lead to a quick sale for a
great price.
Let’s get together and discuss your
options! 971.208.5093 or mcleodgroupoffice@gmail.com.
By: KCM Crew
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