Though prices have continued to appreciate due to a lack of homes for sale, there are now indications that we may have hit the lowest inventory point we’ll see. Odeta Kushi, deputy chief economist at First American, explains,
“It looks like inventory may have hit a bottom…unsold inventory in May was at 2.5 months’ supply, up from 2.4.”
Recent data also shows that the industry is seeing a slow but steady increase in homes coming to market. But what does that mean for prospective buyers and sellers?
For buyers, more inventory is a great thing — it equals less competition and increased options, which could mean a decline in bidding wars. According to the most current Monthly Housing Market Trends Report, “In June, newly listed homes grew by 5.5% on a year-over-year basis, and by 10.9% on a month-over-month basis.” This data indicates that supply levels are growing, but economists also project mortgage rates will begin increasing — so buyers should act now.
If you’re a seller, rising inventory means now is the time to put your home on the market. More houses for sale leads to less buyer competition. To ensure you get top dollar for your home and maximize your sales potential, experts advise taking advantage of the market while it’s still leaning in favor of sellers.
Whether you are searching for your dream home or are considering selling, our experienced real estate professionals can help. Contact your local Surterre agent today to get started.
Source: MyKCM.com
