The biggest challenge in today’s real estate market is a lack of housing inventory. How big of a challenge is the housing shortage? Here are what four industry economists are saying on the issue (emphasis added):
“The underlying fundamental issue is an overwhelming lack of supply… The supply of newly constructed homes is also sagging, adding to the supply challenges. Over the last eight years, housing demand has increased by 5.9 million, but the net new number of housing units has only increased by 3.5 million.”
“Everyone has been talking about tight inventory but I think we are OK calling it a straight up inventory crisis at this point. We just don’t have enough homes.”
“House prices today are higher than they were at the peak in the summer of 2006, near-record-low mortgage rates have boosted housing demand, and sales volume is robust. The spoiler is the lean inventory of houses for sale.”
“Listings in the affordable price range continue to be scooped up rapidly, but the severe housing shortages inflicting many markets are keeping a large segment of would-be buyers on the sidelines.”
If you are considering selling your house soon, now may be the time to get it on the market. The lack of competition could lead to a faster sale at a higher price.
About Carol Juntunen: I'm a Realtor® with Baird & Warner in the Chicago area. My intention is to provide insights and information to empower you to make confident, informed real estate choices and decisions, and guide you through the home buying and selling process. How can I help you achieve your real estate goals? Ready to buy or sell? Call or text me today: Cell: 224-523-2217 Website: www.caroljuntunen.com Email: firstname.lastname@example.org Designations: Certified Probate Real Estate Expert (CPRES) Seniors (50+) Real Estate Specialist (SRES) Certified Negotiation Expert (CNE) Pricing Strategy Advisor (PSA) Certified Staging Consultant (CSC) Internet Marketing Expert (e-PRO)