Unlike most of the United States, our real estate market peaks in the winter. If you are considering selling, now is the time to get ahead of your competition. We are starting to see out of state buyer activity ramping up again as we head into October. Feel free to call me with questions.
One of the measures of the health of the real estate market is to track how mortgage loan repayments are performing. Understanding the trends regarding homeowner likelihood of default is important to understanding how the future supply of homes for sale will adjust. Of course, data is a bit skewed on the foreclosure front now due to the Pandemic induced moratorium on foreclosures.
This infographic from NAR is helpful in framing how you can ensure you get the most out of the relationship with your real estate agent.
An important factor in today’s market is the number of homes for sale. I normally share local inventory by price point; however, I thought I would take a step back to look at the data on a national level. While inventory levels continue to sit near historic lows, there are indications we may have already hit the lowest point. We’re still not close to a balanced market, which would be a 6 months’ supply of homes for sale. However, we are seeing a slow but steady increase in homes coming up for sale. See the chart below for a long-term perspective.
Given what we are seeing, what does it mean for buyers and sellers?