Drop In Real Estate Inventory Causing Home Values To Increase For The First Time In Years
By: Casie Mason
Updated: February 2, 2013
Tonight we begin with the age old battle between buyers and sellers in the real estate market. New reports show the number of homes for sale has significantly decreased making now more than ever a great time to sell your home, or at least, that's what some experts are saying tonight.
That is the answer to the question. It is definitely a sellers market. Right now a national trend shows the demand for homes is at it's highest since 2006. I spoke with a local real estate agent today and a couple selling their home who take us inside the current world of buying verse selling in the Tri-State.
With the economy still uncertain, this question has crossed many minds, is it a buyer or sellers market? The nation is seeing a major decrease in the amount number of homes up for sale, so for right now it is the sellers who come out on top. "The difficulty right now is there is less inventory on the market right now, so buyers are searching and not able to find things. We need more sellers on the market," say local real estate agent Chris Dickson. He says this is not something our nation or Tri-State has seen for a while. "This shortage of inventory we are experiencing locally is being experienced nationally. So, there is this national trend and we are following that trend completely." Dickson says the inventory of homes for sale has not been this low since 2004 causing the value of homes to increase as well, but why is this? "I think that some sellers have refinanced and gotten lower rates are thinking we are settled now in the home. There's extremely low inventory. One of the reasons there's a pressure on pricing is that there are twenty-three percent less homes on the market today than there have been overall average in the last five years," adds Dickson. Fewer people are putting their homes up for sale. These local sellers say they too never planned on a "for sale" sign in their yard, but because of medical reasons they had too. "I would stay here forever, but that's not an option anymore. I'm not leaving here because I want to leave this neighborhood or this house. We've invested a lot in this house that we won't ever get out, but we planned to stay here," says Bill and Nancy Currie. Though it may be a sellers market right now, just remember it's a question who's answer will always keep changing in the world of real estate, but selling your home now is probably a very good idea."
Dickson tells me the average time a home remains on the market right now is around ninety days and the number of homes sold in the Tri-State has increased up to fourteen percent since last year.
That is the answer to the question. It is definitely a sellers market. Right now a national trend shows the demand for homes is at it's highest since 2006. I spoke with a local real estate agent today and a couple selling their home who take us inside the current world of buying verse selling in the Tri-State.
With the economy still uncertain, this question has crossed many minds, is it a buyer or sellers market? The nation is seeing a major decrease in the amount number of homes up for sale, so for right now it is the sellers who come out on top. "The difficulty right now is there is less inventory on the market right now, so buyers are searching and not able to find things. We need more sellers on the market," say local real estate agent Chris Dickson. He says this is not something our nation or Tri-State has seen for a while. "This shortage of inventory we are experiencing locally is being experienced nationally. So, there is this national trend and we are following that trend completely." Dickson says the inventory of homes for sale has not been this low since 2004 causing the value of homes to increase as well, but why is this? "I think that some sellers have refinanced and gotten lower rates are thinking we are settled now in the home. There's extremely low inventory. One of the reasons there's a pressure on pricing is that there are twenty-three percent less homes on the market today than there have been overall average in the last five years," adds Dickson. Fewer people are putting their homes up for sale. These local sellers say they too never planned on a "for sale" sign in their yard, but because of medical reasons they had too. "I would stay here forever, but that's not an option anymore. I'm not leaving here because I want to leave this neighborhood or this house. We've invested a lot in this house that we won't ever get out, but we planned to stay here," says Bill and Nancy Currie. Though it may be a sellers market right now, just remember it's a question who's answer will always keep changing in the world of real estate, but selling your home now is probably a very good idea."
Dickson tells me the average time a home remains on the market right now is around ninety days and the number of homes sold in the Tri-State has increased up to fourteen percent since last year.
