Falling inventory forces homebuyers to move at fastest pace ever!


Housing inventory fell 8.9% from last year in the second quarter of 2017, sending homebuyers scurrying to beat the rising competition.

Housing inventory dropped for nine consecutive quarters, and is currently down a full 20% from inventory levels five years ago, a new report from Trulia shows. And now, homebuyers are snatching up homes at the fastest pace since Trulia began tracking in 2012. While 57% of homes were still on the market after two months in 2012, today that number shrank down to 47%.The chart below shows the relationship between housing inventory and the amount of time homes stay on the market.

Competition is so fierce, in fact, that 33% of Americans who bought a home in the last year made an offer without even seeing the home in person, according to a survey from Redfin, an online real estate brokerage.

This is up from 19% of buyers who placed an offer on a home without seeing it first last year. Among Millennials, even more placed offers without seeing the home in person — a full 41%.

And while that survey showed affordable housing was the most prevalent economic concern, only 5% of homebuyers said they would cancel their home-buying plans if rates surpass 5%.

As supply continues to dwindle, a new report from the National Association of Realtorsshowed pending home sales dropped for the third consecutive month, possibly a sign that low housing supply is beginning to curb demand.

To continue reading click here!

#RealEstate

Featured Posts
Recent Posts
Archive
Search By Tags
No tags yet.

Tami L Barber

NMLS #1030737

(423) 943-9269

Encore Lending Group LLC

NMLS #1249911

206 Wesley St, Johnson City TN 37601

  • w-facebook
  • LinkedIn - White Circle
  • Instagram - White Circle

The information contained in this site has been prepared by an independent third party and is distributed for educational purposes only. This is designed to give helpful tips on the mortgage process and is not intended to give legal advice. Information is considered reliable but not guaranteed. This is not a prequalification, preapproval, loan approval or commitment to lend.