An article posted to USAToday.com, written by Matthew Frankel of the Motley Fool on Sept. 24, really caught my attention. The headline read, "Housing shortage: 5 more million homes needed for supply to catch up to demand."
WOW.
Frankel listed four key reasons as to why there's currently a housing shortage (click this link to read the full article). And what do you think was one contributor on that list? You got it - low supply of homes for sale.
That article was written almost a month ago, and guess what? There's even less inventory on the market now (which is typical for the real estate market this time of year).
According to Midwest Real Estate Data (MRED) Weekly Market Snapshot, "Active listings in MRED's market have declined for the third straight week. On Oct. 18, 56,770 active listings in connectMLS were the lowest total listings since April 12." See below graphic for more detail.
And then when you compare how many homes were on the market at the same time last year compared to now, residential listings are down.
So what does this mean for you as a homeowner? With less housing competition on the market right now, and an increase in residential home sold prices (see graph below), this might just be the right time to sell to gain the most profit on the sale of your home.
And if you're thinking, "well, I can sell my house, but where will I go if there's no inventory out there?" I have a solution for that...Reach out to me today for a free customized home value report to help guide your decision.
In good health,
Daniel