Home sales are exploding! According to realtor.com, homes are selling at the fastest rate in almost a decade- since 2007. However, they could be even higher! If you are wondering how home sales could be higher since they’re already so huge, there’s an answer: more inventory. According to realtor.com’s chief economist, Jonathan Smoke, an ongoing lack of inventory is stifling even more sales.
Buyers were surveyed on realtor.com. 40 percent said that their biggest challenge was finding a home that meets their needs. Even last year, buyers said they considered inventory their biggest obstacle in finding a home. Smoke also reported that there are 13 percent more buyers this summer than last, but with 5 percent fewer homes for sale.
“So it’s not surprising that this low level of inventory—along with the rapid-fire speed at which homes are selling and the high level of price appreciation—has led to the general perception that we’re in a seller’s market,” Smoke says. “But that doesn’t mean it’s all smooth sailing for sellers either.”
Many people who would consider selling might not because they will struggle to find a new home to buy. Now is such a popular time to buy, your dream home could get snapped up soon!
“Sales typically peak in June or July, but this year might turn out to be an exception,” Smoke says. “With low mortgage rates, continued evidence of strong demand, and an increasing number of both buyers and sellers just starting to explore, we could have an extended peak.”
If you have been eying a home in Miami, do not wait to make your move! Homes are flying off the shelves all over the country. Our agents can help you efficiently buy the home you’ve been watching. If you are a seller, you probably won’t wait long to make that sale. The only way how home sales could be higher is if inventory is added! Our agents can help you too!