Homebuyers are in heavy traffic for the housing market right now to take advantage of record-low mortgage rates. Many have a sense of urgency to find a home soon since market experts predict a stable rise in both rates and home prices until next year. This has led to increase in buyer demand and greatly outweighs the current market inventory.
Today’s housing inventory sits at an incredibly low 2.1-month supply, far below the 6-month mark for a neutral market. Inventory of single-family homes a year ago was already very low according to the National Association of Realtors (NAR), as you can see in the graph.
Due to the current market, buyers today enter fierce bidding wars while trying to purchase a home. This affects home prices to go up and gives sellers the edge in the negotiation process, two big wins if you’re going to sell your house this year.
Bottom Line
Today’s hot market gives the feel as though the supply of homes has virtually dried up, leaving buyers to wander in an inventory desert. That’s why there’s never been a better time to sell. To a parched buyer needing to secure a home as soon as possible, your house could be a true oasis.
