The real estate market continues to be the bright spot in the current economy. However, there is one thing preventing the housing market from reaching its full potential this year. So what is that? It’s the lack of inventory. So if you’re a homeowner and you’re thinking about selling and you’re wondering if it’s the right time, stick around to hear why it’s actually the best time.
Hey everybody, I’m Annemarie LaTulip with RE/MAX Triumph serving Middlesex County, Massachusetts, and I’m here to tell you that buyers are on the hunt. They are out there actively searching for homes in hopes of locking in today’s historically low interest rates. However, there just aren’t enough new listings to meet the growing need. According to the National Association of Realtors, the national average of unsold listing sits at about a 3.1 supply. In order to have a balanced market where there’s enough homes for sale to meet the current demand, that number needs to be at about a six month supply of inventory. We are nowhere near that number. In fact, if this trend continues, it’s going to become even harder for a buyer to secure a home and ultimately slow down the market even more this fall.
Chief economist at realtor.com, Danielle Hale, states that the overall lack of inventory could really put a dent in this fall’s housing market despite the high interest level of home shoppers, because, after all, new listings are the key to home sales. Buyers are clearly scooping up homes faster than they’re being put up for sale. In fact, what we’re seeing is that the number of total listings is declining even as new listings hit the market. So why is that? Well, simply put, the post pandemic market has brought a record number of buyers into the scene. However, it hasn’t brought a consistent mob of sellers.
So does all of this mean that it’s a good time to sell? Like I said before, there are a ton of buyers actively looking in hopes of benefiting from this low interest rate. So multiple buyers, low inventory, that makes an extremely hot market for sellers. In fact, we’re seeing in the Billerica, 01862, 01821, Middlesex County, and surrounding areas that there are an average of five offers per listing, increased bidding wars, and offer prices significantly over the original asking price. The demand is there, which gives you, the seller, an opportunity to sell your home at the most favorable terms. Bottom line, if you have even a tiny thought about selling your house, then go with it. In 15 years of real estate, I have never a seller’s market this strong. So let’s connect and talk about how this market could benefit you.
Thanks for watching everybody. If you like my videos, please go ahead and click that red subscribe button. It really helps with my self-esteem, and you can also ring the bell so that you’ll be notified when my next video comes out. Once again, I’m Annemarie LaTulip with RE/MAX Triumph, and as always, your goals are my goals.