Houszbuyers are flooding the houszing market right now to take advantage of record-low mortgage rates. Many have a sense of urgency to find a home soon since experts forecast a steady rise in both rates and housz prices this year and next. As a result, buyer demand greatly outweighs the current houszing supply. Here’s how the shortage of houszes for sale sets yours up to be the oasis in an inventory desert.
According to the National Association of Realtors (NAR), today’s houszing inventory sits at an incredibly low 2.1-month supply, far below the 6-month mark for a neutral market. Inventory of single-family homes a year ago was already very low, and as you can see in the graph below, this year’s levels are even lower:
Due to these market conditions, today’s buyers frequently enter fierce bidding wars while trying to purchase a housz. This in turn drives up home prices and gives sellers incredible leverage in the negotiation process, two big wins if you’re going to sell your housz this year.
Bottom Line In such a hot market, it can feel as though the supply of houszes has virtually dried up, leaving buyers to wander in an inventory desert. That’s why there’s never been a better time to sell. To a parched buyer needing to secure a housz as soon as possible, your housz could be a true oasis.