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Today we are excited to talk about inventory levels. The numbers for the first 11 months of 2015 are in and when compared to 2014, we see that the demand for homes is way up. However, even though the demand is increasing, supply is decreasing, and we aren’t keeping up, yet. The only thing that could keep 2016 from being the best year since before the recession is our lack of attention to building a strong sellable listing inventory.
Part of the reason for this lack of inventory is the low percentage of distressed property home sales across the country. There are less foreclosures and short sales compared to years past, which is great. However, we need to replace that distressed inventory with non-distressed inventory. In most states, the percentage of inventory that is distressed is less than 1%.
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2016 is poised to be a great year.
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Industry experts also agree, as you'll see in the video above, that the lack of inventory and pent-up buyer demand bode well for sellers who decide to take the leap in the near future. Experts like Doug Duncan, the chief economist at Fannie Mae, and Lawrence Yun, the chief economist at the National Association of Realtors are echoing this sentiment.
In conclusion, 2016 can be the best year we’ve seen in real estate since 2006, as long as we can build that good listing inventory. If you have any questions, or have been thinking of selling your home, give us a call or send us an email. We would love to hear from you!
