Across Virginia, low housing inventory has become a common problem. With the upswing in our economy, many buyers have come out of their shell and are ready to purchase a home. The problem is, there aren’t enough homes are available! Low inventory is causing a trend – new listings are often bombarded with showings and even multiple, competitive offers! Not a bad deal if you’re a seller.
According to Realtor.com, June inventory was 7.3 percent below what it was a year ago. For the longest time, sellers were placing their homes for sale and then nothing would happen – it would often sit for 6 months to a year to 2 years with no bites. Frustrated sellers were giving up and pulling their homes off the market. Now that the market has turned, the opposite affect is occurring. In our current market conditions, buyers are the ones sitting on the market waiting for houses to appear!
It’s unlikely that the current market climate will stick around for long, however. The rising interest rates will find many buyers unable to qualify for a loan. So if you want to get your home sold (or even if you want to buy a home), jump on the wagon before it’s too late. NOW IS THE TIME!!
Hampton Roads Real-e-statement is written by Alyssa Godwin, a Realtor with Liz Moore and Associates. For questions regarding buying or selling contact Alyssa at 757-329-6161 or firstname.lastname@example.org. You can also find Alyssa on Facebook or on the web at www.lizmoore.com/alyssagodwin.