Right now, we’re seeing some interesting national trends in the housing market that could affect our area going forward. If you are planning on any sort of real estate sale or purchase in the next year, it’s really important to understand these trends and factor them into your decisions.
First off, year-over-year home sales are down nearly 19%. Some of this is due to low inventory in certain parts of the country; however, new home builds are up nationwide by 6%. So how is there more inventory but fewer sales?
It looks like some people might be leaving the market. Many buyers are frustrated with this crazy seller’s market and have decided that it’s better to wait for prices to drop than fight 10 other people for a home.
An interesting stat that demonstrates this is that in May, national inventory was at a 5.5 months’ supply. A big reason supply is creeping up is all the buyers leaving the market.
A lot of buyers are becoming frustrated with this crazy seller’s market, and they’ve decided it’s better to wait for prices to drop than fight 10 other people for a home.
I think this means we’re at the precipice of the market settling down a little bit. I don’t think we’re heading for a crash or anything, but it seems like the market may reach more of an equilibrium. This new market will still be favorable for sellers, but not to the degree it is today.
This means that if you’re planning to sell your home in 2022, proper preparation is key. Homes won’t sell themselves anymore, so you should get in touch with my team as soon as possible to get your home ready to sell. If you have any questions on today’s topic or you’re ready to get your home prepared for 2022, please reach out to me and my team. We are always here to help.