WHAT YOU NEED TO KNOW ABOUT REAL ESTATE’S INVENTORY SHORTAGE‼️
We may have started a new decade, but last year’s biggest real estate concern is still singing the same tune. Inventory is at a near-historic low, while demand for homes continues to grow.
This can be frustrating for eager buyers and bring hesitancy to those looking to sell soon.
⚠️Here are the The Facts:
A normal market’s inventory sits at 6 months. We’re currently at 3.7 months (nationwide) and that number could drop lower. It's 2.7 in the Greater Metro Phoenix.🏼What does this mean to you? It means that there aren’t enough homes to keep up with the demand of buyers. This is, in big part, due to millennials finally wanting to become first-time homebuyers.
🏼There’s also been a shift in when people are buying homes. The myth that the spring market is the best seller’s market is busted.
🏼For the past 5 years, buyers have been coming out earlier and earlier because of increased demand. Essentially, there is no such thing as a “buyer’s season” anymore, and those who think so could face a longer and more complicated selling process.
🏼With a currently low amount of homes coming to market, anyone thinking of listing is in a prime situation to sell! Most markets in the country are seeing record lows for days on the market, with many of the homes getting multiple bids and more than asking price.
🏼On the flip side, waiting to sell could mean more competition and losing interested buyers to new construction homes.
If you’re considering buying or selling, reach out to us, so you have the advantage in this competitive market.
•
Awni and Chantell Abbas
"AWNTEL"
We share strategies, Real Estate investing advice, Insider news & current market updates.
Love food? Check out our local community food and drink vids, too.
Realtors specializing in Real Estate Investing
Sell • Buy • Invest • Multi-Units
480-788-4118
Follow us on INSTAGRAM: @awntelrealestate