Real estate continues to be called the ‘bright spot’ in the current economy, but there’s one thing that may hold the housing market back from achieving its full potential this year: the lack of homes for sale.
“Mortgage rates have hit another record low due to a late summer slowdown in the economic recovery…These low rates have ignited robust purchase demand activity…However, heading into the fall it will be difficult to sustain the growth momentum in purchases because the lack of supply is already exhibiting a constraint on sales activity.”
“The post-pandemic period has brought a record number of homebuyers back into the market, but it’s also failed to bring a consistent number of sellers back. Homes are selling faster, and sales are still on an upward trend, but rapidly disappearing inventory also means more home shoppers are being priced out. If we don’t see material improvement to supply in the next few weeks, we could see the number of transactions begin to dwindle again even as the lineup of buyers continues to grow.” Does this mean it’s a good time to sell? Yes. If you’re thinking about selling your house, this fall is a great time to make it happen. There are plenty of buyers <www.keepingcurrentmatters.com/2020/09/10/homebuyer-traffic-is-on-the-rise/> looking for homes to purchase because they want to take advantage of low interest rates. Realtors are also reporting an average of 3 offers <www.nar.realtor/blogs/economists-outlook/v-shaped-housing-market-recovery-in-july-2020> per house and an increase in bidding wars, meaning the demand is there and the opportunity to sell for the most favorable terms is in your favor as a seller. Bottom Line If you’re considering selling your house, this is the perfect time to chat with a local real estate professional to see how you can benefit from the market trends in your local area.
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