There is no doubt that the largest challenge in today’s housing market is a lack of housing inventory for sale. This challenge has been defined as an “overwhelming lack of supply,” and even a “straight up inventory crisis.”
First American just released the results of a survey which sheds light on the reasons for the current lack of supply.
The survey asked title agents and real estate professionals to identify what they believe are the top reasons for this lack of inventory in their markets. Here are the results of the survey:
- 47% – existing homeowners are worried that they will not be able to find a home to buy
- 26.5% – first-time buyer demand is absorbing a large share of available homes
- 11.3% – existing homeowners’ mortgage rates are lower than the current rates
- 10.6% – insufficient or negative equity in the home
- 4.6% – foreign buyer demand is absorbing a large share of available homes
As the survey revealed, there is a shortage of current homeowners willing to put their homes on the market for one of three reasons (see numbers 1, 3 and 4 above). Buying a Second Home
Is this an opportunity for some homeowners?
The report on the survey explains:
“The crowd has spoken, and it seems in many markets home buyers and sellers alike are ‘imprisoned’ by the lack of housing inventory.”
That leaves a tremendous opportunity for every homeowner not facing these concerns. If you can put your home on the market today, you are subject to far less competition than at any time in recent history. That will result in your home selling quickly and for the highest possible price.
While many homeowners are feeling imprisoned for multiple reasons, those who are not handcuffed by these concerns have a once in a lifetime opportunity to sell their houses at a peak selling time. Buying a Second Home
Tips to Remain Sane While Your Home is For Sale
In a perfect world, the entire family pitches in every morning to clean last night’s clutter and mess before heading out to work/school. In the real world? Not so much. But when your home is on the market, it’s important that you strive to get as close to that perfect world as possible. A hassle? Oh, yes. Crazy making? Indeed. But we have some tips to help you retain some of your sanity until the house sells. Buying a Second Home
Start with a clean slate
A deep, deep clean, fresh paint – you’ve no doubt heard it all before. Whether it’s to set the foundation for staging or just to make the home presentable for the market, there’s no getting around the fact that to get what you want for the home, it must be incredibly clean. If you can’t get the job done by yourself, or with help from friends and family, hire someone to do it for you – it’s that important. Buying a Second Home
The next step in the process of readying the home for the market is, again, a familiar one: depersonalize and declutter. This is the ideal time to pre-pack for the move after the home sells, which, in turn, gives the family less “stuff” to have to pick up before showings. Buying a Second Home
One of the best places to start is in the children’s room. Pack up some of their toys, especially those with a lot of pieces (LEGO® sets come to mind). You don’t necessarily need to seal those boxes. In fact, if you don’t, you can rotate toys as they tire of the current inventory. Buying a Second Home
Go through the house with a mission: seek and remove anything you don’t use on a consistent basis. Box it up and move it out. Buying a Second Home