Right now, there is an inventory shortage of homes listed on the market.
As of January, total
national inventory fell 4.9% representing a 4.2 month supply of homes on the market. This is the fewest number of homes on the market since 2005. Raw unsold inventory is at the lowest point since December 1999.
According to Lawrence Yun, NAR chief economist,
“Buyer traffic is continuing to pick up, while seller traffic is holding steady. In fact, buyer traffic is 40 percent above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly. We’ve transitioned into a seller’s market in much of the country.”
And Yun agrees there will be more homes entering the market this spring, but may not be enough to satisfy the appetites of current buyers.
With fewer
homes available, home values have been increasing – ever so slightly. But enough that homeowners are starting to be less underwater. Homeowners who were recently “under water” (owe more on their home than its market value), now are making headway above their previous market value and even beyond. This is
SUPER news for homeowners who were looking a taking quite a hit financially even a year ago.
"Freed from negative equity, homeowners will have more flexibility, and some will likely choose to list their home for sale, helping ease inventory constraints and moderating sometimes dramatic, demand-driven price increases in some markets,"
said Stan Humphries, chief economist at Zillow, in a statement.
This creates a small window of opportunity that you may be able to take advantage of.
Fewer homes to compete with and more buyers serious to purchase creates a perfect selling scenario.
So what does this mean for you, a homeowner in the Desert?
Why not give me a call 760-567-7282 to see what your home IS valued at in today’s market?
I will sit down with you and go over the figures and your options. No hard sell – just information. And if it works for you, I will show you my proven marketing strategies to show your home in the best marketing light!
