The Team Hinton Real Estate Group blog is a place for all the latest news and updates about the Real Estate market will appear. Learn all about the latest and greatest tips and tricks to buying a home or selling a home. Also, get the latest updates about Team Hinton and our ever growing team of real estate agents in Ypsilanti, Michigan.
If you’re looking to start downsizing, now maybe the best time! 1 story homes are being built rapidly so there will likely be a home just made from you! Especially if you have more equity from a previous home, you’re in great shape.
Read MoreThe housing crisis is finally in the rear-view mirror as the real estate market moves down the road to a complete recovery. Home values are up, home sales are up, and distressed sales (foreclosures and short sales) have fallen to their lowest points in years. It seems that the market will continue to strengthen in 2018.
However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. While buyer demand looks like it will remain strong throughout the winter, supply is not keeping up.
Here are the thoughts of a few industry experts on the subject:
National Association of Realtors
“Total housing inventory at the end of November dropped 7.2 percent to 1.67 million existing homes available for sale, and is now 9.7 percent lower than a year ago (1.85 million) and has fallen year-over-year for 30 consecutive months. Unsold inventory is at a 3.4-month supply at the current sales pace, which is down from 4.0 months a year ago.”
Joseph Kirchner, Senior Economist for Realtor.com
“The increases in single-family permits and starts show that builders are planning and starting new construction projects, that’s a good thing because it will help to relievethe shortage of homes on the market.”
Sam Khater, Deputy Chief Economist at CoreLogic
“Inventory is tighter than it appears. It’s much lower for entry-level buyers.”
If you are thinking of selling, now may be the time. Demand for your house will be strong at a time when there is very little competition. That could lead to a quick sale for a really good price.
A study by Edelman Berland reveals that 33% of homeowners who are contemplating selling their house in the near future are planning to scale down. Let’s look at a few reasons why this might make sense for many homeowners, as the majority of the country is currently experiencing a seller’s market.
Read MoreThe Team Hinton Real Estate Group is a Buyer's Boutique that is dedicated to making your home buying or selling experience the best and mist enjoyable experience it an be!
