They’re flying off the shelves, and we can’t restock fast enough.
Home shoppers don’t look like they’re going to be pumping the brakes anytime soon, and they’re outpacing sellers bigtime. The surge in buyer demand over recent months, largely driven by historically low mortgage rates, has been like a tidal wave in nearly ever corner of the country.
Experts have measured homes are selling faster on a national scale than they have in the past 15 months. On the other side of the coin, we have a sharp and steep decline in listing volume, with inventory falling 36% in August compared to last year.
So what happens when record-high demand coincides with record-low inventory? Enter: A sellers’ market.
If you’re planning on selling anytime soon, you’ll be happy to hear that we should expect prices to steadily rise until supply can catch up with demand. “Housing demand is more intense than it normally is this late into a buying season,” says Danielle Hale, Chief Economist for Realtor.com. “Given the strong demand, sellers will return in the driver’s seat for the foreseeable future.”
Questions on selling?