3 Reasons To Ask Your Realtor For A Lender ReferralYou are one in a million if you have enough cash to buy a home! For most people getting pre-approved for a home loan is one of the first steps in
The Health Of The Housing Market
According to the National Association of Realtor’s most current Existing Home Sales Report, the housing inventory is at a 3.6-month supply. For the market to be considered healthy, it needs to be at a 6-month supply. The following is a chart showing the housing inventory since 2011:
When the housing market isn’t “healthy” it turns into a seller’s market, meaning there is a higher demand for houses to be sold than there is buyers. Trulia revealed that along with not having enough houses to support the market, the houses on the market aren’t meeting the demands of the buyers. The following chart is their findings:
(Mismatch score is the difference of percentages of homes listed and percentage of buyers looking for a home). This chart shows that the buyer’s market is in need of starter and trade-up homes.
For home buyers, this means the competition for these wanted homes is fierce. For sellers, this means that the value for your starter or trade-up home is going to be pushed higher than usual while those with premium homes are likely going to be waiting to sell for longer.
Julie Baldino is a seasoned veteran of the Pacific Northwest real estate industry, and has consistently been in the top 10% in sales for over a decade in 2 states. In order to accommodate a rapidly ex....