2021-02-22
Where Have All the Houses Gone?


Where Have All the Houses Gone? | MyKCM

In today’s housing market, it seems harder than ever to find a home to buy. Before the health crisis hit us a year ago, there was already a shortage of homes for sale. When many homeowners delayed their plans to sell at the same time that more buyers aimed to take advantage of record-low mortgage rates and purchase a home, housing inventory ped even further. Experts consider this to be the biggest challenge facing an otherwise hot market while buyers continue to compete for homes. As Danielle Hale, Chief Economist at realtor.comexplains:

“With buyers active in the market and seller participation lagging, homes are selling quickly and the total number available for sale at any point in time continues to lower. In January as a whole, the number of for sale homes dropped below 600,000.”

Every month, realtor.com releases new data showing the year-over-year change in inventory of existing homes for sale. As you can see in the map below, nationwide, inventory is 42.6% lower than it was at this time last year:Where Have All the Houses Gone? | MyKCM

Does this mean houses aren’t being put on the market for sale?

Not exactly. While there are fewer existing homes being listed right now, many homes are simply selling faster than they’re being counted as current inventory. The market is that competitive! It’s like when everyone was trying to find toilet paper to buy last spring and it was flying off the shelves faster than it could be stocked in the stores. That’s what’s happening in the housing market: homes are being listed for sale, but not at a rate that can keep up with heavy demand from competitive buyers.

In the same realtor.com report, Hale explains:

Time on the market was 10 days faster than last year meaning that buyers still have to make decisions quickly in order to be successful. Today’s buyers have many tools to help them do that, including the ability to be notified as soon as homes meeting their search criteria hit the market. By tailoring search and notifications to the homes that are a solid match, buyers can act quickly and compete successfully in this faster-paced housing market.”

The Good News for Homeowners

The health crisis has been a major reason why potential sellers have held off this long, but as vaccines become more widely available, homeowners will start making their moves. Ali Wolf, Chief Economist at Zondaconfirms:

“Some people will feel comfortable listing their home during the first half of 2021. Others will want to wait until the vaccines are widely distributed.”

With more homeowners getting ready to sell later this year, putting your house on the market sooner rather than later is the best way to make sure your listing shines brighter than the rest.

When you’re ready to sell your house, you’ll likely want it to sell as quickly as possible, for the best price, and with little to no hassle. If you’re looking for these selling conditions, you’ll find them in today’s market. When demand is high and inventory is low, sellers have the ability to create optimal terms and timelines for the sale, making now an exceptional time to move.

Bottom Line

Today’s housing market is a big win for sellers, but these conditions won’t last forever. If you’re in a position to sell your house now, you may not want to wait for your neighbors to do the same. Let’s connect to discuss how to sell your house safely so you’re able to benefit from today’s high demand and low inventory.

 Subscribe to RSS Feed
Welcome to our Blog!
2021-03-03
Home Prices: What Happened in 2020? What Will Happen This Year?

2021-02-25
Are There Going to Be More Homes to Buy This Year?

2021-02-23
The Reason Mortgage Rates Are Projected to Increase and What It Means for You

2021-02-22
Where Have All the Houses Gone?

2021-01-25
What Experts Are Saying about the 2021 Job Market

2021-01-14
Why Right Now During a Pandemic May Be the Time to Sell Your House

2020-12-14
Why It Makes Sense to Sell Your House This Holiday Season

2020-10-29
Three Ways Low Inventory Is a Win for Sellers

2020-10-23
CREATE AN EVACUATION PLAN FOR YOUR BELOVED PETS

2020-08-26
It is a Dilemma. Should You Buy an Existing Home or New Construction?

2020-08-13
WHAT TO DO WITH YOUR UNFINISHED BASEMENT

2020-07-02
Is the Health Crisis Driving Buyers Out of Urban Areas?

2020-05-05
Confused About the Economic Recovery? Here’s Why.

2020-04-15
What If You Need to Sell Your Atlanta Area Home Now? What Can You Do?

2020-03-31
Is There an Economic Impact on Buying a Home in Gwinnett County GA

2020-03-26
Reasons To Refinance My Home

2020-03-19
Mortgage Interest Rates

2020-03-04
How to Invest Your Tax Return

2020-02-12
Where Have All the Houses Disappeared To? Are You Considering Selling Your Atlanta Area Home?

2020-01-22
How You Can Finance Your Home Renovation

2020-01-07
File Your Homestead Exemption State of Georgia

2019-10-31
The Neighborhood Wish List: 3 Things to Consider




Comment on this Article

Your Name:
Your Email:
Comments:
Verify:  Please enter the numbers shown to help eliminate spam.