Housing Supply Low, Buyer Interest High

Housing Supply Low, Buyer Interest High (Source: flickr user winnifredxoxo)

You've probably heard buzz of the market being a "seller's market." Experts, too, are leaning towards this terminology, especially as many industry experts are in agreement that the housing supply is too low.

The KCM blog recently gathered a handful of sources together which indicate real estate market experts are encouraging home sellers to hit the market to make up for the strong home buyer demand.

What the Experts Are Saying

Daren Blomquist, Vice President of RealtyTrac, poses that the reason we're seeing fewer sales does not have to to with buyer interest, but a lack of supply:

“It’s kind of a seesaw right now between supply and demand. One of the reasons for fewer sales is not so much a lack of demand but a lack of supply, especially in the price range the majority of buyers were looking for.”

Diana Olick of CNBC'S Realty Check adds that winter too is not to blame for fewer sales:

“Total sales are still running below expectations for the year. Don't blame winter weather, though. Blame the lack of supply.”

Founder of Calculated Risk, Bill McBride, underlines a low percentage - down 0.5% year-over-year in February - as an important figure to watch in the spring season:

“Inventory is still very low (down 0.5% year-over-year in February). This will be important to watch over the next month at the start of the spring buying season.”

Even the Chief Economist at the National Association of Realtors, Lawrence Yun, is urging sellers to step forward to account for prospective buyers:

“Insufficient supply appears to be hampering prospective buyers in several areas of the country and is hiking prices to near unsuitable levels. Stronger price growth is a boon for homeowners looking to build additional equity.”

Realtor.com notes that inventory has decreased a drastic percentage year over year:

“The National Housing Trend Report shows that inventory has decreased 10.9 percent year over year.”

What This Means For You

If you've been hesitant about selling, now is without doubt the time to get active on the market. Experts are in agreement that buyers are chomping at the bit to buy - getting in the market now means you have not only a high likelihood of selling, but also a high likelihood of selling at or over your list price. Now is the time to make the most return on your original investment, which may make all the difference in securing your future dream home.

Questions? Want to look at the market in your area? We'd love to help! Don't hesitate to send us an email or give us a call.

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