The largest issue in the housing market today is lack of inventory for sale. First American recently released a survey detailing the reasons for lack of supply:
In many parts of the nation, the 2017 housing market has been defined by the shrinking number of homes for sale amid strong demand. In the third quarter RESI survey, 66 percent of title agents and real estate professionals indicated that there is a shortage of inventory of homes for sale in their home markets. Approximately 77 percent of title agents and real estate professionals characterized the severity of the shortage of homes for sale as moderate or high. In fact, 81 percent of title agents and real estate professionals agreed that the lack of inventory is the primary reason for house price appreciation in their market, with 20 percent of those strongly agreeing with this statement.
So, what does this mean? Lower days on the market and higher list price to sell ratio. If you wish to sell your home, this could be an immense opportunity. Now more so than in recent history, there is little to no competition, meaning your home will sell quickly and for the highest price.
Trey Willard, CEO The W Group
Berkshire Hathaway Home Services – United Properties
8440 Jefferson Hwy. Suite 100 Baton Rouge, LA 70809