{"id":6643,"date":"2021-01-28T11:00:20","date_gmt":"2021-01-28T11:00:20","guid":{"rendered":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=6643"},"modified":"2021-01-28T11:00:20","modified_gmt":"2021-01-28T11:00:20","slug":"what-record-low-housing-inventory-means-for-you","status":"publish","type":"post","link":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=6643","title":{"rendered":"What Record-Low Housing Inventory Means for You"},"content":{"rendered":"
\n

\"What<\/p>\n

The real estate market is expected to do very well<\/a> in 2021, with mortgage rates that are hovering at historic lows and forecasted by experts<\/a> to remain favorable throughout the year. One challenge to the housing industry, however, is the lack of homes available for sale today. Last week, the National Association of Realtors <\/em>(NAR) released their Existing Home Sales Report<\/a>, which shows that the inventory of homes for sale is currently at an all-time low. The report explains:<\/span><\/p>\n

\n

\u201cTotal housing inventory at the end of December totaled 1.07 million units, down 16.4% from November and down 23% from one year ago (1.39 million). Unsold inventory sits at an all-time low 1.9-month supply at the current sales pace<\/strong>, down from 2.3 months in November and down from the 3.0-month figure recorded in December 2019. NAR first began tracking the single-family home supply in 1982.\u201d
\n(See graph below):<\/em><\/p>\n<\/blockquote>\n

\"What<\/a><\/p>\n

What Does This Mean for You?<\/strong><\/h4>\n
If You\u2019re a Buyer:<\/strong><\/h5>\n

Be patient during your home search. It may take time to find a home you love. Once you do, however, be ready<\/a> to move forward quickly. Get pre-approved<\/a> for a mortgage, be prepared to make a competitive offer from the start, and know that a shortage in inventory could mean you\u2019ll enter a bidding war<\/a>. Calculate just how far you\u2019re willing to go to secure a home and lean on your real estate professional as an expert guide along the way. The good news is, more inventory is likely headed to the market soon, Lawrence Yun, Chief Economist<\/em> at NAR, notes:<\/p>\n

\n

\u201cTo their credit, homebuilders and construction companies have increased efforts to build<\/strong>, with housing starts hitting an annual rate of near 1.7 million in December, with more focus on single-family homes\u2026However, it will take vigorous new home construction in 2021 and in 2022 to adequately furnish the market to properly meet the demand.\u201d<\/em><\/p>\n<\/blockquote>\n

If You\u2019re a Seller:<\/strong><\/h5>\n

Realize that, in some ways, you\u2019re in the driver\u2019s seat. When there\u2019s a shortage of an item at the same time there\u2019s a strong demand for it, the seller<\/a> is in a good position to negotiate the best possible terms. Whether it\u2019s the price, moving date, possible repairs, or anything else, you\u2019ll be able to request more from a potential purchaser at a time like this \u2013 especially if you have multiple interested buyers. Don\u2019t be unreasonable, but understand you probably have the upper hand.<\/p>\n

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

The housing market will remain strong throughout 2021. Know what that means for you, whether you\u2019re buying, selling, or doing both.<\/p>\n

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

\n\"WhatThe real estate market is expected to do very well in 2021, with mortgage rates that are hovering at historic lows and forecasted by experts to remain favorable throughout the year. One challenge to the housing industry, however, is the lack of homes available for sale today. Last week, the National Association of Realtors (NAR) [\u2026]<\/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-6643","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\/6643","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=6643"}],"version-history":[{"count":0,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/6643\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6643"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6643"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6643"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}