More Inventory this Spring?
With properties selling as quick as they are that is leaving inventory in short supply. Many questions revolve around when to buy and sell. Looking at data from the past, spring time is when most properties go up for sale even with the condition of the housing market the past 2 years. The bad part is that there is still a swarm of home buyers waiting for that inventory to hit the market. So you, as a client, it is extremally important that when your "dream property" shows up that you are ready. That means staying up to date on pre-approvals, ready to be quick, staying flexible, and most importantly staying patient.
Prices Rising to Quickly, Are They Going to Come Down?
Prices has risen to what appears to be 2008 level status. These price trends have a similar path on the charts but one big difference between the two. Back then there was lots of inventory to be had and now there is limited supply. The demand was high in both eras but no economic factor behind 2008's era. The basic economic chart of supply and demand leads us to where we are, low supply high price. With the lack of home building the past decade has lead us to this position of not keeping up with demand. Unfortunately with this situation we will likely see above average price appreciation for at least another year for building supplies to become available and time for contractors to build.
More inventory should be available here coming into spring but with prices that we have seen these past years. Data shows a continuation for the next few years but one thing that has been left out, inflation. Home buying is one big way to fight inflation and secure a long-term investment. Interest rate are also on the rise and with rents the way they are currently. Home buying might be your ticket to a better financially secure future.