It is all about Supply and Demand. The number of homes currently on the market compared to how many homes sold last month or year in your market. If there are currently 10 homes for sale in your neighborhood and last year 20 sold, then you could say you expect to sell your home in 6 months. Of course if it is staged and priced well.
We all know around here that the Houston market has definitely weathered the storm better than the rest of the United States but the US is turing things around. Lets look at new home sales… Last year there were roughly 428,000 new homes sold. Currently there are 239,000 for sale. At current sales pace that is only a supply of 6.7 months! 239,000 new homes for sale is the lowest number in nearly 4 decades! This is great news for those who currently are looking to sell as well. Fewer new homes in inventory increases the value of existing homes!
So what does this mean? It means people are either going to stop living in houses, or new home builders have to start building again to equalize supply and demand!
Buyers or Sellers Market? It is all about Current Inventory Levels
Is it a Buyers Market or a Sellers Market???
It is all about Supply and Demand. The number of homes currently on the market compared to how many homes sold last month or year in your market. If there are currently 10 homes for sale in your neighborhood and last year 20 sold, then you could say you expect to sell your home in 6 months. Of course if it is staged and priced well.
We all know around here that the Houston market has definitely weathered the storm better than the rest of the United States but the US is turing things around. Lets look at new home sales… Last year there were roughly 428,000 new homes sold. Currently there are 239,000 for sale. At current sales pace that is only a supply of 6.7 months! 239,000 new homes for sale is the lowest number in nearly 4 decades! This is great news for those who currently are looking to sell as well. Fewer new homes in inventory increases the value of existing homes!
So what does this mean? It means people are either going to stop living in houses, or new home builders have to start building again to equalize supply and demand!
Comments: Leave a Comment