Demand For Homes To Buy Continues To Soar
According to the National Association of Realtors (NAR), the inventory of homes for sale "has fallen year-over-year for 36 consecutive months," and now stands at a 4.1 month supply. A 6 month supply is necessary for a balanced market and this has not been seen since August of 2012. Here in the Vancouver, WA area, it is down to a shocking 1.7 month inventory of available homes for buyers.
NAR's Chief Economist Lawrence Yun had this say,
"Inventory coming onto the market during this year's spring buying season - as evidenced again my last month's weak reading - 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."
Is There Any Relief Coming?
The short answer is NO. According to the Corelogic's 2018 Consumer Housing Sentiment Study, four times as many renters are considering buying homes in the next 12 months than homeowner who are planning to sell, "which is the crux of the available housing-supply imbalance."
As more and more renters realize the benefits of home ownership, the demand for housing will continue to rise, perpetuating the severely imbalanced situation.
There Are Ways To Combat This Seller's Market
There Are Ways To Combat This Seller's Market
Buyers who are prepared for the current market situation can rise above the tide of other disappointed home shoppers. Being finance-ready is important. Being able to move fast is another. A seasoned and willing real estate professional is the key for buyers looking to gain an advantage above the fray.
Do Home Owners Realize Demand Is So High?
With home prices rising across the country, home owners gained over a trillion dollars in equity over the last 12 months, with the average home owner gaining over $16,000!
The map below shows the breakdown by state:
Many home owners who have not thought about listing their may not even realize how much equity they have gained, or the opportunity available to them in today's market!
Bottom Line
If you are one of the many home owners across the country who hasn't quite found their forever home, now may be a great time to list your house for sale and find the home of your dreams!
Scott C. Dickinson is a real estate broker that resides in Vancouver, WA. He can be reached by email at ScottYourBroker@gmail.com or www.scottdickinsonauthor.com.
Follow him on Facebook at www.facebook.com/YourBrokerScott or on Instagram at www.instagram/YourBrokerScott.
Scott C. Dickinson is a real estate broker that resides in Vancouver, WA. He can be reached by email at ScottYourBroker@gmail.com or www.scottdickinsonauthor.com.
Follow him on Facebook at www.facebook.com/YourBrokerScott or on Instagram at www.instagram/YourBrokerScott.
Interesting! Question: I have a lot of equity In my home, but if I sell I could be entering a bilateral move at best; what is the best answer to this problem?
ReplyDeletePS. Not sure I want to move.
Thanks!
DeleteSelling just to capture your gained equity without another big reason is never a good idea. Down-sizing, up-sizing, relocation, etc, are the bigger reasons. Having a end goal in mind is paramount. If I can assist with more questions I would be glad to help. My contact info is at the bottom of my page.