Housing Market Heats Up
More Homes for Sale, But Still Below Pre-Pandemic Levels
It looks like the housing market is having a bit of a tough time right now. There are fewer homes for sale than there are people who want to buy them. But don't worry, if you're looking to sell your home, this is actually the best time to do so! Why? Because your house will be the belle of the ball in a market that's got fewer homes than a deserted island.
According to the latest report from realtor.com, there were 65.5% more homes for sale in January compared to the same time last year.
That's like 248,000 more homes just waiting for someone to take them off the market. And while the number of homes for sale is increasing, it's still 43.2% lower than it was before the pandemic. So, it's safe to say that the housing market is still feeling a bit under the weather.
The graph below shows how today’s inventory of homes for sale compares to recent years:
So, what does this mean for you? Well, with fewer homes available, buyers are feeling like good housing is a bit scarce. But don't worry, with lower mortgage rates, more buyers are jumping back into the market like a kid who just got their allowance. They just need to find a home to buy. And that's where your home comes in!
According to the New York Times, homebuyers are starting to edge back into the market after a bit of a hiatus last year. So, if you're ready to sell your home and take advantage of this resurgence, spring is the perfect time to do it. Just think of it as a chance to finally get rid of that neon green wall you painted in the 90s.
The Bottom Line: The housing market is crying out for more homes for sale to meet the demand of today's buyers. So, if you're ready to sell your home and join the party, now's the time for us to connect and get you ready to make a move this spring!