What Forces Are Driving the Housing Market?
Many hopeful homebuyers are having issues securing a home.
Provided by Andrew Hoskins
Recently, you may have seen reports that a record-low number of homes are available for sale—roughly 1.03 million nationwide. If you compare that to the average number of homes for sale during the past 10 years, it’s no surprise that many hopeful homebuyers are having issues securing a home.1
Lack of inventory. There are a few major differences between 2007 and now, however, but the biggest difference? What we’re seeing now isn’t a bubble; it’s simply a lack of inventory.
It’s a seller’s market. In many ways, this may be the most friendly market we’ve seen in quite a while for home sellers. Right now, nearly half of homes are selling within roughly a week or less. At the same time, median prices are rising at a phenomenal rate, and national prices, in general, have increased 17.2 percent over last year.2
Why now? Listings are skyrocketing for a number of reasons. Many experts believe the continued low mortgage rates, a pandemic-era construction slowdown, and an increase in money available for a down payment are all factors.3
In this hyper-competitive market, many people are thinking of taking advantage of the situation by listing a property or home. If this sounds like you, give our office a call. We may be able to put you in touch with a housing professional who can offer some guidance and support.
Andrew Hoskins may be reached at 703-997-9605 or [email protected].
www.shenandoahfa.com
This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.
Citations
- NAR.realtor.com, March 22, 2021
- Axios.com, April 11, 2021
- Axios.com, April 11, 2021