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Victoria Cottle

Victoria Cottle

Lack of Housing Inventory is Slowing Things Down


Lack of Housing Inventory is Slowing Things Down
The housing crisis is past us. Foreclosures and Short Sales
have dropped off dramatically. The national real estate market is making a full
recovery except in one area: Housing Inventory. Buyer demand is strong but
homes for sale is not keeping up in most markets.
During the home crisis home builders backed off on new
construction starts and some builders even went out of business. However, in a
joint report from the U.S. Census and the Department of HUD, new home
construction starts are now on the rise again with privately-owned housing
starts for December at a rate of 1,226,000. This number is 11.3 percent above
November at 1,102,000 and is 5.7 percent above December 2015 rate of 1,160,000.
Single-family housing starts in December were at 795,000 which was a bit below
the November rate of 828,000. An estimated 1,166,400 housing units were started
in 2016 which is 4.9 percent above the 2015 number. December housing
completions were 8.7 percent above December 2015.
The National Association of Realtors (NAR) stated that,
“Total housing inventory dropped 10.8 percent at the end of December 2016. Its
lowest level since NAR began tracking housing supply types in 1999. Housing
inventory has fallen for 19 straight months and currently stands at a 3.6-month
supply with current sales pace.”
A few more industry experts are saying things like “more
than two-thirds of the national markets are seeing less inventory compared to a
year ago,” and “the dismal number of listings in the affordable price range is
squeezing out first-time home buyers the most” and “tight housing inventory
remains a constraining factor limiting sales growth.”
With the lower inventory prices of currently on-market
inventory is increasing. If you remember basic economics of supply and demand,
you know that when a market item becomes scarce price goes up. This is what
seems to be happening in markets across the Nation especially in popular places
like here in Greenville SC.
So, if you are thinking about selling to move up or downsize
or relocate, now is the time. Interest rates are still low and the President
has talked about lessening restrictions on home loans so more buyers can
qualify for mortgages. Contact me today for a Comparative Market Analysis (CMA)
or I can set you up on a Market Snapshot report that will give you an
interactive report on current listed homes and homes sales in your
neighborhood.
These are just a few of the events for February. For notice
on events by day LIKE our Facebook page @VictoriaCottlesCorner.
And remember if you, a friend or family member need
assistance with selling or buying a home
I can help
. Referrals and people needing relocation assistance are welcome! Search Single Family homes in Greenville. Search Condos and Townhomes in Greenville.

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The Victoria Cottle Group
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(864) 275-3953
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