The Housing Market is Strong! What Could Go Wrong?
The Housing Market is Strong! What Could Go Wrong?
The national housing crisis is finally in the rearview mirror as the real estate market moves down the road to a complete recovery. Home values are up, home sales are up, and distressed sales (foreclosures and short sales) have fallen to their lowest points in years. It seems that the national market will continue to strengthen in 2018.
All signs point to the Dallas-Fort Worth real estate market being strong again for 2018!
However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory.
While buyer demand looks like it will remain strong throughout the winter, supply is not keeping up.
Here are the thoughts of a few industry experts on the subject:
National Association of Realtors
“Total housing inventory at the end of November dropped 7.2 percent to 1.67 million existing homes available for sale, and is now 9.7 percent lower than a year ago (1.85 million) and has fallen year-over-year for 30 consecutive months. Unsold inventory is at a 3.4-month supply at the current sales pace, which is down from 4.0 months a year ago.”
Joseph Kirchner, Senior Economist for Realtor.com
“The increases in single-family permits and starts show that builders are planning and starting new construction projects, that’s a good thing because it will help to relieve the shortage of homes on the market.”
Sam Khater, Deputy Chief Economist at CoreLogic
“Inventory is tighter than it appears. It’s much lower for entry-level buyers.”
Bottom Line:
If you are thinking of selling, now may be the time. Demand for your house will be strong at a time when there is very little competition. That could lead to a quick sale for a really good price. Find out now what you could expect if you list your home for sale. Complete the GET IN TOUCH form on this page and a Real Estate Advisor | REALTOR® from Martin Real Estate Advisors Group | United Real Estate will contact you for a no-obligation Seller Consultation.
Content credit to Ray Martin & Keeping Current Matters.