{"id":6426,"date":"2020-11-17T11:00:22","date_gmt":"2020-11-17T11:00:22","guid":{"rendered":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=6426"},"modified":"2020-11-17T11:00:22","modified_gmt":"2020-11-17T11:00:22","slug":"homes-for-sale-are-rapidly-disappearing","status":"publish","type":"post","link":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=6426","title":{"rendered":"Homes for Sale Are Rapidly Disappearing"},"content":{"rendered":"
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\"Homes<\/p>\n

Through all the challenges of 2020, the real estate market has done very well, and purchasers are continuing to take advantage of historically low mortgage rates. Realtor Magazine<\/em> just explained<\/a>:<\/span><\/p>\n

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“While winter may be typically a slow season in real estate, economists predict it isn’t likely to happen this year…Low inventories combined with high demand due to record-low mortgage rates is sending buyers to the market in a flurry<\/strong>.”<\/em><\/p>\n<\/blockquote>\n

However, one challenge for the housing industry heading into this winter is the dwindling number of homes available for sale. Lawrence Yun, Chief Economist<\/em> for the National Association of Realtors <\/em>(NAR), recently said<\/a>:<\/p>\n

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“There is no shortage of hopeful, potential buyers, but inventory is historically low<\/strong>.”<\/em><\/p>\n<\/blockquote>\n

In addition, Danielle Hale, Chief Economist<\/em> for realtor.com,<\/em> notes<\/a>:<\/p>\n

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“Fewer new sellers coming to market while a greater than usual number of buyers continue to search for a home causes inventory to continue to evaporate<\/strong>.”<\/em><\/p>\n<\/blockquote>\n

One major indicator the industry uses to measure housing supply is the months’ supply of inventory<\/em>. According to NAR<\/a>:<\/p>\n

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“Months’ supply refers to the number of months it would take for the current inventory of homes on the market to sell given the current sales pace.” <\/em><\/p>\n<\/blockquote>\n

Historically, six months of supply is considered a normal real estate market. Going into the pandemic, inventory was already well below this mark. As the year progressed, the supply has was reduced even further. Here is a graph showing this measurement over the last year:\"Homes<\/a><\/p>\n

What does this mean if you’re a buyer?<\/strong><\/h4>\n

Be patient during your home search. It may take time to find a home you love. Once you do, be ready to move forward quickly. Get pre-approved<\/a> for a mortgage, be prepared to make a competitive offer from the start, and understand how the shortage in inventory has led to more bidding wars<\/a>. Calculate just how far you’re willing to go to secure a home if you truly love it.<\/p>\n

What does this mean if you’re a seller?<\/strong><\/h4>\n

Realize that, in some ways, you’re in the driver’s seat<\/a>. When there’s a shortage of an item at the same time there’s a strong demand for it, the seller is in a good position to negotiate. Whether it’s the price, moving date, possible repairs, or anything else, you’ll be able to ask for more from a potential purchaser at a time like this – especially if you have multiple interested buyers. Do not be unreasonable, but understand you probably have the upper hand.<\/p>\n

Bottom Line<\/strong><\/h3>\n

The housing market will remain strong<\/a> throughout the winter and heading into the spring. Know what that means for you, whether you’re buying, selling, or doing both.<\/p>\n

Content previously posted on Keeping Current Matters<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\"HomesThrough all the challenges of 2020, the real estate market has done very well, and purchasers are continuing to take advantage of historically low mortgage rates. Realtor Magazine just explained: “While winter may be typically a slow season in real estate, economists predict it isn’t likely to happen this year…Low inventories combined with high demand […]<\/div>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"bgseo_title":"","bgseo_description":"","bgseo_robots_index":"","bgseo_robots_follow":"","footnotes":""},"categories":[3,84,85,86,118],"tags":[],"class_list":["post-6426","post","type-post","status-publish","format-standard","hentry","category-blog","category-for-buyers","category-for-sellers","category-housing-market-updates","category-interest-rates"],"_links":{"self":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/6426","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6426"}],"version-history":[{"count":0,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/6426\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6426"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6426"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}