For months, the story in the national housing market has been about the differences in housing market performance in various
local markets – some markets are super-hot, some a little more sedate and some still struggling to recover – depending on local
economic fundamentals. But if there’s one constant across almost every market nationwide, it’s low inventory.
Traditionally, when inventory is very low, builders will help fill the void with newly constructed homes.
But housing starts reached a three-month low in January, indicating that newly built homes will not be a
significant benefit for buyers in coming months. And a restricted supply of homes for sale will mean increased
competition for those homes that are available, potentially leading to bidding wars that can price out entry-level
or first-time buyers. Low inventory, along with a strong job market has been helping to drive up home prices.
Regardless if you’re looking for a home to buy or trying to sell, it’s important to know what kind of market you’re in.
Hopeful buyers in a strong sellers’ market should be prepared to move quickly, since homes don’t stay on the market as long.
In a buyers’ market, they can afford to take their time and be more selective. But low inventory is a factor affecting the majority
of the country, so buyers should prepare for slim pickings as we enter the home buying season.
If you interested in knowing the value of your home, please contact Harriet Martin 305-528-5558