We understand that there is a lot going on in the world right now. And with that comes a lot of questions that naturally surround the health of our loved ones and our finances. As REALTORS, we believe our best contribution to you right now is to be a proactive, trusted advisor for you. And we are here to listen to all of your questions first and foremost. Should you list your house? These questions are directly tied to the success of the U.S. residential real estate market, which like any other market, is determined by supply and demand. This means we need to look at how many potential purchasers are in the market versus the number of houses that are available to buy.
With early 2020 housing data now rolling in, it’s quite evident there are two big stories impacting this year’s residential real estate market:
- Buyer demand is already extremely strong
- Housing supply is at a historically low level
ShowingTime is a firm that compiles data from property showings scheduled across the country. The latest ShowingTime Showing Index reveals how showings have increased in each of the country’s four regions for five months in a row.
Move.com also just released information indicating that the number of homes currently for sale has declined rapidly and now sits at the lowest level in almost a decade. They explained,
“National housing inventory declined 13.6 percent in January, the steepest year-over-year decrease in more than 4 years, pushing the supply of for sale homes in the U.S. to its lowest level since realtor.com began tracking the data in 2012.”
In response to these numbers, Danielle Hale, Chief Economist at realtor.com, said,
“Homebuyers took advantage of low mortgage rates and stable listing prices to drive sales higher at the end of 2019, further depleting the already limited inventory of homes for sale. With fewer homes coming up for sale, we’ve hit another new low of for sale-listings in January.”
The decrease in inventory impacted price ranges below $750,000, too. Here’s a graph showing the data released by move.com:
There is a historic shortage of inventory. Meanwhile, potential buyers are home searching for real estate and dreaming up their next move. We are putting your home on the market today could position your home to be seen by more buyers with less competition. We are here for you to guide you through the pros and cons of listing your home for sale during this period of time. Reach out to a local real estate expert at GARDNER, REALTORS today to determine if the time is now to list your house.
Thank you to Keeping Current Matters for creating this blog.