The year-over-year increase in housing supply may not seem like good news to potential sellers, but it actually presents two significant opportunities in today’s housing market.
The Calculated Risk article provides a useful overview of the inventory growth seen in the market in 2022 by comparing it to recent years (see chart below). It shows supply is 58% above his 2021 level. But the more you look back, the more you can see the big picture. And if you go all the way back to 2019, it’s the last normal year for real estate, about 1/35th of the housing supply at the time.
Opportunity #1: Take Advantage of More Options for Your Move
If your current home doesn’t meet your needs, or doesn’t have the space or features you need, this increased inventory gives you even more opportunities to sell and move your dream home.More homes on the market And you’ll have more options when looking for your next home.
By working with local real estate experts, you can get the latest information on available housing in your area. Once you’ve found the right offer, get expert advice on how to write a compelling offer.
Opportunity #2: Sell While Inventory Is Still Low Overall
But again, despite growth, inventory is still low compared to a normal year, and that’s not going to change overnight. It means there is still demand from potential buyers.
An article on realtor.com says:
“Today’s shoppers generally have more homes to consider than last year’s shoppers did, but the market is still not back to pre-pandemic inventory levels.”
Bottom Line
If you are a homeowner looking to sell, you have more homes to choose from so you can sell your home even if your overall inventory is low. Let’s connect and get started. You get the best of both worlds.
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.
Mon, 26 Dec 2022 23:27:58 +0000
