An important factor in today’s market is the number of houses for sale. Although inventory levels continue to hover near historical lows, there are signs that we may have reached the lowest point we will see. Odeta Kushi, Deputy Chief Economist at First American, recently talked about our procurement challenges: “It looks like inventory may have hit a bottom (we’ve seen this in the higher frequency data as well). Unsold inventory in May was at 2.5 months supply, up from 2.4.”We are not yet close to a balanced market. This will be the 6-month supply of houses for sale. However, we are seeing slow but steady growth in homes for sale. This makes many buyers and sellers want to know the same thing: what does this mean to me?Buyers: More options are coming, so it’s time to take actionIf you are a buyer, welcome to see more inventory entering the market. More bidding means more choice and less competition, which can mean fewer bidding wars.If you are having trouble finding your next home, this news should give you hope and motivation to continue your buying process. Experts predict that mortgage interest rates will start to rise, and as time goes by, buying a house becomes more and more unaffordable. You can still take advantage of today’s low interest rates, so continue your search as more homes are listed.Sellers: Our sourcing challenge is not over yet, now is the time to sellIf you have been postponing the sale of your house, you should not wait too long. The annual monthly income of houses for sale helps buyers, but we are still in a seller’s market. Of course, more homes are now entering the market and more homes are expected to be listed in the coming months. Selling your home this summer allows you to stay ahead of the competition and maximize your sales potential, and then sell more homes in your community.Bottom LineMore homes for sale means more options for buyers and more competition for sellers. Whether you want to buy or sell, contact your trusted real estate advisor today to discuss your options and why it is still a good time to move.
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