Sep 21 2017 14025 1

Dated: 09/21/2017

Views: 130

Why Are So Few Homes for Sale?


Why Are So Few Homes for Sale? | MyKCM


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).

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.

Bottom Line

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.

Blog author image

Richard Hewitt

As a life long resident of St. Clair County, only having moved away long enough to serve honorably in the U.S. Navy, I have the local knowledge to help guide my clients to a great outcome. I bring a t....

Latest Blog Posts

ST CLAIR COUNTY REAL ESTATE LISTS

Check out "HOW IT WORKS"  Play Video Below!!St Clair County Real Estate         Quick Links Page       Hello, I am Don Egypt "Your Realty

Read More

NAR Reports Show It's A Great Time To Sell!

NAR Reports Show It’s A Great Time to Sell!We all realize that the best time to sell anything is when the demand for that item is high and the supply of that item is limited. The last two

Read More

Price Reductions; what do they mean?

What Does the Recent Rash of Price Reductions Mean to the Real Estate Market?Last week, in a new report from Zillow, it was revealed that there has been a rash of price reductions

Read More

Jul 20 2018 14025 1

 What You Need to Know About the Mortgage Process [INFOGRAPHIC]Some Highlights: Many buyers are purchasing a home with a down payment as little as 3%. You may already qualify for a

Read More