According to realtor.com, the United States is seeing high home sales and low home inventory. Jonathan Smoke, the website’s chief economist, even wrote that 2016 is shaping up to be the best year for sales in a decade.
“Houses are flying off the market at the fastest rate since the housing bust in 2007, so we know that buyers must be working hard to find that perfect home and get it under contract. Harder than ever, perhaps. Insights from our daily surveys of visitors to realtor.com® tell us that their biggest challenge is the low home inventory, which is holding us back from seeing even more sales.” he wrote.
40% of home buyers on realtor.com reported that the biggest challenge they faced in June was finding a home that meets their needs. The real estate website also said that there were 13% more buyers this year, but 5% less homes. However, in this situation, it is still not exactly a sellers market. That is because an estimated 90% of sellers also want to buy.
The peak of sales is expected to extend past the summer this year. Demand is high and mortgage rates are low. However, only time will tell what the future will bring.
“The seasonal pull is as powerful as the tide—eventually we will run out of time as school starts, weather shifts, and a new president gets elected. These factors will likely make this fall slower than usual, especially relative to the very busy spring and summer. If you are thinking of buying this year, get out there now! The clock is ticking louder than ever,” Smoke wrote.
Despite low home inventory is still pretty low. However, it is a great time to buy. At RE/MAX Paradise, we are excited to help you find your dream home in Miami. Check out our amazing properties today!