There’s Only Half the Inventory of a Normal Housing Market Today, Are you thinking about selling your house? Well, the simple answer is yes, it’s a good idea. This is especially true when you think about the fact that there aren’t many houses available for sale at the moment.
In the world of real estate and homes, people are talking a lot about how there are only half as many houses available as usual. This makes us wonder about things like “What are housing predictions?” and “What’s going to happen in the real estate housing market?” People are guessing if the “housing market will crash” and what the “forecast for housing market” looks like.
With all the “housing market news in 2023,” many are curious about “real estate predictions” and whether there might be a “housing market crash.” People are also thinking about whether “home prices will fall” or if the “housing market is crashing.” As we try to figure out what’s going to happen, these questions are on our minds and influencing what we think and do.You might have heard that there aren’t a lot of houses on the market right now, but you might not know exactly how few there are or why that’s a good thing when you want to sell your house. A Graph, like the one from Calculated Risk below, can help you understand this better:
Houses for sale increased slightly each week. However, there still aren’t many houses available overall. The increase is shown by the blue bar, while the scarcity is represented by the red bars. Compared to last year, there are 10% fewer houses available now, and there weren’t many to start with. If you look even further back, you’ll notice that there are even fewer houses available now Compared to the same week last year, supply is down roughly 10% – But, if you look further back, you’ll see inventory is down even more significantly.
To understand just how different things are from what’s normal, let’s compare the current situation to the year 2019, which was the last year when things were normal in the housing market.
If you look at the same week this year and compare it to the same week in 2019, you’ll see that there are about 50% fewer houses available for sale now. This means that there are only half as many houses for sale now as there usually would be.
So, what’s the main point to remember? The housing market is still not in balance. There are a lot of people who want to buy houses, but there just aren’t enough houses available. This is good news if you’re thinking about selling your house. As Lawrence Yun, who is a smart economist at the National Association of Realtors, explains:
“There are simply not enough homes for sale. The market can easily absorb a doubling of inventory.”
So, if you’re considering putting your house up for sale, remember that there are only about half as many houses available as there would be in a regular year.
This means that if you sell your house now, it will get a lot of attention. You might receive many offers and your house could sell quickly.
Bottom Line
With fewer homes available for sale, there are still potential buyers interested in purchasing your house. If you’re thinking of selling, let’s get in touch now. Your house can stand out from the others while there aren’t many options available on the market.
Find out why Kaya Homes is the leader in Long Island Real Estate and are your go-to realtor in the Lynbrook, Oceanside, Malverne, Hewlett, Valley Stream, East Rockaway, Woodmere, Cedarhurst, Baldwin, North Woodmere, Woodsburgh, Hewlett Neck Hewlett Harbor, Bellmore,Wantagh,Merrick and Freeport area.
Sat, 19 Aug 2023 10:37:24 +0000
