The Housing Market Just Hit A Record Low
Friends and Clients -
The housing market just hit a record low — at least in terms of homes for sale.
In December, the inventory of existing homes for sale last month fell to the lowest level in records dating back to 1982.
This caused prices to jump 7.8% annually. It’s the biggest annual increase in almost four years. That's largely been the story of the housing market for the past several years. Demand far outstrips supply. There are few homes are on the market, and prices continue to surge.
Mortgage rates are also near historic lows, making the market even tighter. Buyers want to take advantage of the current low rates, but they simply can’t find homes to buy.
All this has combined to make it a great time for anyone looking to sell a home. In these conditions, you could sell a home quickly, without hassle, and often at a premium.
However, things might start to change very soon.For one thing, mortgage rates could jump to higher levels at any point. More importantly, markets adapt — and the housing market is no exception.
Right on cue, housing stats jumped to a 13-year high in December. In other words, builders are seriously ramping up their construction of new homes to meet all the excess demand.
That's great news for buyers who are desperately looking for a new home. It's not such great news for sellers (or potential sellers), because it will likely mean the current golden age of home selling is coming to a close.
That's why, if you've been considering selling your home, the time to act is now. If you're going to consider selling, I hope you'll give us a call at (855) 755 7653. We can help you get started now, just in time for spring, the hottest time for real estate.
Have a great day,
Limbird Real Estate Group
5247 W Metro Park Crossing
Rogers, AR 72758