Housing Supply Is Rising – What’s This Mean for You?
Housing Supply Is Rising
So, the housing supply in our area has been growing at a steady pace. If you’re either buying or selling it might be worth your time to ask yourself what that means.
Inventory has been on the rise since the beginning of the year.
We’re still not close to a balanced market, which would be a 6 months’ supply of homes for sale. However, we are seeing a slow but steady increase in homes coming up for sale. And that leaves many buyers and sellers wondering the same thing: what does that mean for me?
For buyers, more options are arriving and more inventory is coming to market. More supply means more options and less competition, which could mean fewer bidding wars.
According to the latest Monthly Housing Market Trends Report, supply levels are continuing to increase, which is different from the typical summer market: “In June, newly listed homes grew by 5.5% on a year-over-year basis, and by 10.9% on a month-over-month basis. Typically, fewer newly listed homes appear on the market in the month of June compared to May. This year, growth in new listings is continuing later into the summer season, a welcome sign for a tight housing market.”
If you’re having trouble finding your next home, this news should give you the hope and motivation to keep your buying process moving forward. Experts project mortgage rates will begin increasing, which will make purchasing a home less affordable as time passes. You can still capitalize on today’s low interest rates, so stick with your search as more homes come to market.
For sellers, our supply challenges aren’t over yet, so NOW IS THE TIME TO SELL. If you’ve been putting off selling your house, you shouldn’t wait much longer. The year’s month-over-month gains in homes for sale have helped buyers, but we’re still very much in a sellers’ market.
More homes are coming to market now, and more are expected in the coming months. Selling your house this summer gives you the chance to get ahead of the competition and maximize your sales potential before more homes are put up for sale in your neighborhood.
More homes for sale means more options for buyers and more competition for sellers. Whether you’re looking to buy or sell, give me a call today, or visit my website at michiganhomegirl.com to schedule a no obligation call and start the journey toward buying or selling your home.