Can you believe we are already halfway through 2021? Summer has officially arrived and the real estate market is matching the hot temperatures we’ve already been seeing!
As COVID restrictions are easing across the country, we are starting to see some indications that may soon result in greater balance of housing inventory and pricing.
Recently the cost of lumber dropped dramatically (down 41% since its record high in early May). Predictably, this should bring down new home construction costs and (assuming this trend continues) increase the number of homes on the market, providing a light at the end of the affordability tunnel for home buyers.
Additionally, this drop has also eased some recent concerns about inflation, which the US Federal Reserve believes is transitory and as such is keeping interest rates near zero to support the economic recovery. However, home buyers should not count on these record low rates to continue indefinitely.
While existing homes continue to be in high demand and are still attracting multiple offers as soon as they become available, home owners should consider that increased supply of new construction would provide more competition in the coming months, thereby reducing the opportunity for maximizing a return on your home.
So whether you are buying, selling or both…it is more important than ever to have an agent who can help you navigate this competitive market. If you are looking to make a move in the next 6-12 months, text or call me today so that we can put together a plan of action to help you make the right decision at the right time for your situation: (919) 291-5704
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