Short Supply of Homes Continues to Create Fantastic Opportunities for Sellers
You would probably have to have been on Mars for the past few months to not know how incredibly hot our local real estate market is.
There's every reason to expect huge buyer demand to continue, but there is a problem, which is really a massive opportunity in disguise - low inventory of available homes for sale.
Here's what some top real estate industry experts have recently observed about low inventory:
“Inventory coming onto the market during this year’s spring buying season was not even close to being enough to satisfy demand, that is why home prices keep outpacing incomes and listings are going under contract in less than a month – and much faster – in many parts of the country.” - Lawrence Yun, Chief Economist, the National Association of Realtors.
“While this spring’s sudden rise in mortgage rates took up a good chunk of the conversation, it’s the stubbornly low inventory levels in much of the country that are preventing sales from really taking off like they should. Most markets simply need a lot more new and existing supply to cool price growth and give buyers enough choices.” - Sam Khater, Chief Economist, Freddie Mac.
“This seasonal inventory jump wasn’t enough to offset the historical year-over-year downward trend that has continued over 14 consecutive quarters. Despite the second-quarter gain, inventory was down 5.3% from a year ago. Still, this represents an easing of the double-digit drops we’ve been seeing since the second quarter of 2017.” - Alexandra Lee, Housing Data Analyst, Trulia.
The message is loud and clear. Selling right now is a fantastic opportunity:
- There's very little competition from other sellers.
- You are likely to sell your home very quickly.
- Less competition often leads to higher sold prices and multiple offers often resulting in sellers receiving more than they asked for!
Please feel free to contact me anytime on 650-947-4787 to find out more about our current market.