Every winter, families across the country decide if this will be the year that they sell their current houses and move into their dream homes.  How has the lack of available inventory impacted this?  Let’s take a quick look at the past year!

Mortgage rates hovered around 4% for all of 2017 which forced many buyers off the fence and into the market, resulting in incredibly strong demand RIGHT NOW!

At the same time, however, inventory levels of homes for sale have dropped dramatically as compared to this time last year.

Trulia reported that “in Q4 2017, U.S. home inventory decreased by 10.5%. That is the biggest drop we’ve seen since Q2 2013.”

Here is a chart showing the decrease in inventory levels by category:

The largest drop in inventory was in the starter home category which saw a 19% dip in listings.

How does this drop in inventory affect you?

This drop in inventory is allowing home sellers to get the best possible price for their property.  Although interest rates have increased we are still at record lows.  This can help you afford your dream home in a much more comfortable way than waiting until interest rates have risen to 6 or 7%.  You would be surprised at a what a difference today’s interest rates make in your monthly payment.

Bottom Line

Demand for your home is very strong right now while your competition (other homes for sale) is at a historically low level. If you are thinking of selling in 2018, now may be the perfect time.  Contact us today and let’s review your property value and goals and see if the time is right for you!