Low Inventory Continues to Impact the Housing Market. . .
Did know that according to a Lending Tree Study, 87% of home sellers were concerned that their home won’t sell because of the pandemic and resulting economic recession? This could not be more untrue right now.
Right now is an amazing time to sell your home. Why, because inventory levels here in East San Diego County are at record lows. In fact, right now there’s low inventory, lower than it was in January which is historically one of the lowest inventory level months.
But … what’s so interesting about this is that the buyers are out in full force making offers. In fact Zillow reported that newly pending sales are up 18.8 eighteen point eight percent month over month, but total listings are down 20.7 (twenty point seven percent), so there just isn’t enough inventory in the market to support the buyers high demand.
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So why are buyers in a buying frenzy??? Because interest rates are so low, they can afford
more home right now and put less money down, and their payments will be less because the
interest rates are lower. In some cases it’s actually more affordable to own a home than it is to
rent one, especially if you take into consideration the tax saving advantages from owning a
home.
This is summed up nicely by Zelman and Associates June 25th Broker Report which states, and I quote,
“The severity of inventory tightness should remain a relative benefit to home prices, but it is also a risk factor to the degree of rebound in unit sales going forward.”
So, low inventory is going to be a massive factor, the lack of supply is helping prices go up. So, it’s not just a good time to sell, it’s an amazing time to sell.
We can give you so much more information and details if we can meet, and don’t worry we can meet virtually as well. So, give us a call and we’ll be happy to help you sell your home here in La Mesa, California or any of San Diego’s East County areas.
