On a daily and weekly basis, we keep tabs on the housing inventory in our local cities and where my buyers are selling and where my sellers are located. Housing inventory shows us how many homes are for sale, what the spread is in pricing, and what the lowest price point home is in a specific city.
If you are a seller about to go to market, then the homes that are on the market today are your competition! A buyer can’t submit an offer on a house that is already closed, but if there are 3 other homes for sale on your same street, then a buyer has options to choose from.
If you are a home buyer searching for your dream home, then inventory reflects how competitive the market will be and how many alternatives you have if the house you are writing an offer on doesn’t pan out. It is no coincidence that cities with low inventory typically are more competitive for home buyers because there are simply more home buyers looking at the same house.
The lowest priced home in a city is an important metric because that is your least expensive option to get into a specific city. The number of homes and the percentage of homes under $1 million is another good indicator of the affordability of a city. In general, the closer to the coast and closer to city centers you get, the more expensive homes get.
Take a look at these inventory numbers: https://www.instagram.com/p/DT_M7RLgX6d/?igsh=NTc4MTIwNjQ2YQ==
What cities are you keeping your eyes on?
Most of our clients don’t have the thought, “I want to sell my house” and then put there home on the most the next week. Often there are weeks, months, if not years of conversations before it gets to that point.
We want to invite you to reach us as early in the process as you can! We would love to answer questions that might be stalling your decision making so that you can have clarity
