We’ve all been hearing on the news lately how great the market has been so far this year. You’ve probably also heard about the extreme shortage in inventory we’re seeing. Well, this is still definitely the case. There are too few houses right now to match the number of available buyers, and prices are being driven up as a result.
At the same time, the level of activity in our market is being driven down. Of course, different locations will see different trends reflected within their own markets. So if you want to learn more about what’s going on in your area, specifically, I’d be happy to meet with you for a no-cost consultation.
“There are too few houses right now to match the number of available buyers, and prices are being driven up as a result.”
But let’s look at the big picture for now. There’s currently 30% less inventory than there was at this time last year in our market. And while rising prices are having a big impact, so are rising mortgage rates. Experts predict we’ll actually see rates go as high as 5% by the end of 2018.
With all these conditions at play, many of today’s buyers are making their moves as soon as possible. But first-time homebuyers are facing some difficulties, as lower price ranges are seeing significant appreciation.
Homes in the range between $200,000 and $350,000 have appreciated by an average of 9% in the last 12 months.
Thankfully, inventory levels are likely to rise a bit over the course of our spring market. They may not go up as much as we’d like, but hopefully this upward trend can make it easier for the buyers out there.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.