{"id":1266,"date":"2020-11-17T15:55:50","date_gmt":"2020-11-17T15:55:50","guid":{"rendered":"https:\/\/phphouses.com\/blog\/?p=1266"},"modified":"2020-11-17T15:55:50","modified_gmt":"2020-11-17T15:55:50","slug":"homes-sale-rapidly-disappearing","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/homes-sale-rapidly-disappearing\/","title":{"rendered":"Homes for Sale Are Rapidly Disappearing"},"content":{"rendered":"
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Homes for Sale Are Rapidly Disappearing<\/p><\/div>\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.\u00a0Realtor Magazine<\/em>\u00a0just\u00a0explained<\/a>:<\/p>\n

\u201cWhile winter may be typically a slow season in real estate, economists predict it isn\u2019t likely to happen this year\u2026Low inventories combined with high demand due to record-low mortgage rates is\u00a0sending buyers to the market in a flurry<\/strong>.\u201d<\/em><\/p><\/blockquote>\n

However, one challenge for the housing industry heading into this winter is the dwindling number of homes available for sale. Lawrence Yun,\u00a0Chief Economist<\/em>\u00a0for the\u00a0National Association of Realtors\u00a0<\/em>(NAR), recently\u00a0said<\/a>:<\/p>\n

\u201cThere is no shortage of hopeful, potential buyers, but\u00a0inventory is historically low<\/strong>.\u201d<\/em><\/p><\/blockquote>\n

In addition, Danielle Hale,\u00a0Chief Economist<\/em>\u00a0for\u00a0realtor.com,<\/em>\u00a0notes<\/a>:<\/p>\n

\u201cFewer new sellers coming to market while a greater than usual number of buyers continue to search for a home causes\u00a0inventory to continue to evaporate<\/strong>.\u201d<\/em><\/p><\/blockquote>\n

One major indicator the industry uses to measure housing supply is the\u00a0months\u2019 supply of inventory<\/em>. According to\u00a0NAR<\/a>:<\/p>\n

\u201cMonths\u2019 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.\u201d<\/em><\/p><\/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:<\/p>\n

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Months Supply of Available Inventory<\/p><\/div>\n

\n
\n
\n

What does this mean if you\u2019re 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\u00a0pre-approved<\/a>\u00a0for a mortgage, be prepared to make a competitive offer from the start, and understand how the shortage in inventory has led to more\u00a0bidding wars<\/a>. Calculate just how far you\u2019re willing to go to secure a home if you truly love it.<\/p>\n

What does this mean if you\u2019re a seller?<\/strong><\/h4>\n

Realize that, in some ways, you\u2019re in the\u00a0driver\u2019s seat<\/a>. When there\u2019s a shortage of an item at the same time there\u2019s a strong demand for it, the seller is in a good position to negotiate. Whether it\u2019s the price, moving date, possible repairs, or anything else, you\u2019ll be able to ask for more from a potential purchaser at a time like this \u2013 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\u00a0strong<\/a>\u00a0throughout the winter and heading into the spring. Know what that means for you, whether you\u2019re buying, selling, or doing both.<\/p>\n<\/div>\n<\/div>\n<\/article>\n

 <\/p>\n

Contact us:<\/strong>
\nPHP Houses
\n142 W Lakeview Ave
\nUnit 1030
\nLake Mary, FL 32746
\nPh:\u00a0(407) 519-0719<\/span>
\nFax:\u00a0(407) 205-1951<\/span>
\nemail:\u00a0info@phphouses.com<\/p>\n

Let\u2019s Connect:<\/strong>
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THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE OF ADVICE.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

One challenge for the housing industry heading into this winter is the dwindling number of homes available for sale. Finish Reading Homes for Sale Are Rapidly Disappearing<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[69],"tags":[15,10,18,27,91,52,284,25,49,42,23,252,63,20,12,48,13,28,19,17],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1266"}],"collection":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/comments?post=1266"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1266\/revisions"}],"predecessor-version":[{"id":1269,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1266\/revisions\/1269"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=1266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=1266"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=1266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}