The epic housing shortage may finally be starting to ease up a little. More supply is suddenly coming on the market, which will certainly help frustrated buyers and could, in the longer term, take some of the heat out of home prices. This unexpected new supply is certainly welcome news for fatigued homebuyers, many of whom have been sidelined in bidding wars. Even though the market is still extremely lean, the new supply is at least providing some more options.
That said, homes are still being quickly snapped up, with many still selling above listing price and receiving multiple offers. So even though the market is appearing to stabilize a little, prices remain at near record highs, which is reassuring news for those who may still be considering selling their home.
If more homes continue to come on the market, along with a steady increase in new construction, we can expect the housing boom to slowly pull back. It is unlikely, however, to decline sharply, or “bust,” due to favorable demographics and still historically low mortgage rates.
As we reach the peak of summer, we still find ourselves in the midst of a highly competitive market. So, if you are looking to take advantage of loosening inventory or still sell for top dollar, you need a local real estate expert on your side. Feel free to text or call me to get started today: (919) 291-5704
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