Having a little trouble finding the right home to buy? It’s no secret that home inventory is lower than normal. Even before the health crisis hit a year ago, there were already fewer homes for sale. When many homeowners postponed plans to sell at the same time that more buyers attempted to take advantage of record-low mortgage rates and purchase a home, housing inventory dropped even further. Despite an otherwise hot market, experts say this continues to pose the biggest challenge to buyers currently competing for homes.
Every month, realtor.com releases new data showing the year-over-year change in inventory of existing homes for sale. Inventory for the state of New Mexico is down 37% over last year. That’s a sizable drop.
Does this mean houses aren’t being put on the market for sale?
As of right now, there are fewer homes available, but many are selling faster than they’re being counted as current inventory. That’s because the market is so competitive! It’s like last spring when everyone wanted toilet paper, and it flew off the shelves faster than they could stock it. Similarly, in the housing market, there are homes for sale, but not at a rate to compete with the high demand from buyers.
The Good News for Homeowners
The health crisis explains why potential sellers have held off this long, but as vaccine availability expands, they’ll start buying up houses. Ali Wolf, Chief Economist at Zonda, confirms:
“Some people will feel comfortable listing their home during the first half of 2021. Others will want to wait until the vaccines are widely distributed.”
With more homeowners eager to sell later this year, the best way to make sure your listing stands out is to put it on the Albuquerque market sooner rather than later.
When it is time to sell your house, you’ll probably want it to sell quickly, for the best price, and with minimal hassle. If you’re looking for these selling conditions, you’ll find them in today’s market. When inventory is low and demand is high, sellers can decide the terms and timeline that are optimal for the sale, which makes now an exceptional time to sell.
While today’s housing market is a welcome sight for sellers, those conditions won’t last forever. If you’re in a position to sell your home right now, you might not want to wait for your neighbors to do the same. Contact us today to learn how to make your house sell quickly and profit from the current high demand and low supply.
Make sure to join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Contact us today to help you buy or sell your next home in Albuquerque.
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