Lack of Supply of Homes Available in Today’s Market
There is a lack of supply of homes available for sale in today’s market. Last month, existing home sales fell 2.5%. The median home price in April rose 5.4% compared to last year. According to the National Association of Realtors April also marks the 74th straight month that there has been an annual increase in prices of already-built homes.
What does this mean for the average home buyer? Lawrence Yun, chief economist of the National Association of Realtors stated, “The worsening housing shortage means home prices are primed to rise further this year too, hindering affordability conditions for home buyers in markets across the country.”
Housing inventory total at the end of March 2018 was 1.67 million existing homes available for purchase. Comparing it to last year it was 7.2% lower than a year ago. We are now experiencing the lowest inventory level in a generation with unsold inventory at 3.6-month supply at the current sales pace.
Competition is at an all time high between millennials, boomers and investors with there being 250,000 fewer starter homes (those priced under $200,000) available now than compared to 2 years ago.
Jessica Lautz, National Association of Realtor’s director of demographics and behavioral insights, was quoted saying, “Buyers know it’s touch, 35% of shoppers anticipate a lot of competition, but they remain optimistic, and more then 70% expect to close in 2018.”
So don’t be discouraged – if you’re ready to buy or a sell your home we may already have the house for you!
Whether you’re looking for homes for sale in Lake of the Woods Va or Waterfront property in Virginia or homes for rent we are your professionals for Stafford, Fredericksburg, Spotsylvania, Locust Grove and Central Virginia, we are your proven Real Estate professionals. Thinking of selling? In any market condition, that’s the #1 question asked by home sellers. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. The Question is how much is it worth? Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site!