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Real Estate News You Can Use

Why Are So Few Homes for Sale?

Why Are So Few Homes for Sale? | Simplifying The Market

There is no doubt that the largest challenge in today’s housing market is a lack of housing inventory for sale. This challenge has been defined as an “overwhelming lack of supply,” and even a “straight up inventory crisis.”

First American just released the results of a survey which sheds light on the reasons for the current lack of supply.

The survey asked title agents and real estate professionals to identify what they believe are the top reasons for this lack of inventory in their markets. Here are the results of the survey:

  • 47% – existing homeowners are worried that they will not be able to find a home to buy
  • 26.5% – first-time buyer demand is absorbing a large share of available homes
  • 11.3% – existing homeowners’ mortgage rates are lower than the current rates
  • 10.6% – insufficient or negative equity in the home
  • 4.6% – foreign buyer demand is absorbing a large share of available homes

As the survey revealed, there is a shortage of current homeowners willing to put their homes on the market for one of three reasons (see numbers 1, 3 and 4 above).

Is this an opportunity for some homeowners?

The report on the survey explains:

“The crowd has spoken, and it seems in many markets home buyers and sellers alike are ‘imprisoned’ by the lack of housing inventory.”

That leaves a tremendous opportunity for every homeowner not facing these concerns. If you can put your home on the market today, you are subject to far less competition than at any time in recent history. That will result in your home selling quickly and for the highest possible price.

Bottom Line

While many homeowners are feeling imprisoned for multiple reasons, those who are not handcuffed by these concerns have a once in a lifetime opportunity to sell their houses at a peak selling time.

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More Americans Say Now is a Good Time to Sell!

More Americans Say Now is a Good Time to Sell! | Simplifying The Market

Recently released data from Fannie Mae’s National Housing Survey revealed that rising home prices were the catalyst behind an eight-point jump in the net percentage of respondents who say now is a good time to sell. The index is now 21 points higher than it was this time last year.

Overall, 62% of Americans surveyed said that now is a good time to sell (up from 58%), while 26% of respondents said that now is not a good time to sell (down from 30%). The net score is the difference between the two percentages, or 36%.

According to CoreLogic, home prices are now up 6.7% over last year and 78.8% of homeowners with a mortgage in the US now have significant equity (defined as 20% or more).

As home prices have increased, more and more homeowners have realized that now is a good time to sell their homes in order to take advantage of the extra equity they now have.

At the same time, however, rising prices have had the exact opposite impact on the good-time-to-buy scale as many buyers are nervous that they will not be able to afford a home; the net score dropped 5 points to 18%.

Doug Duncan, Vice President & Chief Economist at Fannie Mae, had this to say,

“In the early stages of the economic expansion, home selling sentiment trailed home buying sentiment by a significant margin. The reverse is true today.

The net good time to sell share is now double the net good time to buy share, with record high percentages of consumers citing home prices as the primary reason for both perceptions. Such a sizable gap between selling and buying sentiment, if it persists, could weigh on the housing market through the rest of the year.”

Buyer demand continues to outpace the supply of homes for sale, which has driven prices up across the country. Until the supply starts to better match demand, there will be a gap between the sentiments surrounding buying and selling.

Bottom Line

If you are considering listing your home for sale this year, now is the time!

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agent photo

Barbara Carter
RE Associate Broker
Century 21 Alliance
Realty Group

203 Main Street
New Paltz NY 12561
Cell: 845-505-3160  
Office:845-297-4700
Barbara@NewPaltzRealEstate.com




2015-2016 Century 21 Centurion Award
2014 Century 21 Quality Service Award
2015-2016 Century 21 Quality Service Pinnacle Award
2015-2016 Century 21 Presidents Producer Award
2015-2016 Hudson Valley Magazine "Five Star Professional Real Estate Agent Award"

Testimonials

It's important to know oneself when choosing a realtor. Knowing that my wife and I would be buyers that need a patient and highly responsive agent, we met with several experienced realtors before choosing Barbara Carter. We chose Barbara in part because of her excellent reputation and in part because of her extraordinary knowledge of the mid-Hudson Valley market. But most of all, we just knew that Barbara had the warm and conscientious personality we could work with. In every way, Barbara exceeded our expectations. Ours was a two year process to find the right home. We started with one idea and ended with a very different one. Dozens of properties were visited. Throughout the process, Barbara was remarkably patient, carefully listening to and responding to our evolving criteria. She was quick to bring newly listed properties to our attention. If we had questions about a property, she was quick to get us answers. Property after property, Barbara never wavered. When we found what we wanted, a number of complexities unfolded. Most were unexpected and many would have rattled a less experienced realtor. It is here that a buyer wants a real pro, and Barbara skillfully guided us through the details of a very challenging 6 month offer-to-closing process. Often she did much more for us than her professional duties required. From the first day we started looking for a home to the day of closing, Barbara never missed a beat. She is a total professional . Eugene Lebwohl
Having Barbara Carter as your Realtor is equivalent to the ultimate professional, successful, and pleasurable real estate experience. My house was on the market with another agency for over a year and no offers were achieved. When Barbara became my agent; a marketing report was generated within days, proper pricing was achieved, and three bids were received within the first week. From the first days of showing to the actual closing on the property, Barbara was brilliant and enthusiastic about all matters related to the sale of my home. Her attention to detail, knowledge of the market conditions, willingness to share her wisdom, high standard of ethics, and generosity of spirit are the best I have ever experienced. Barbara Carter receives my absolute highest level of recommendation. Marda Reid
It was our great pleasure working with Barbara.Barbara is very professional, informative,honest hard working and all the good qualities.She will get you a beautiful home for your money in a nice environment. Barbara had found a dream home for me and my husband in a short period of time.She did not only sold us this house she chose a home that she likes for herself too. We fell in love with the house and made our decision the first time we saw it.I would highly recomend Barbara she is the BEST.Thanks again Barbara. Deneise Clacken
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