One of the biggest challenges in today's housing market is the scarcity of available homes for sale. With high demand and limited inventory, it's an opportune time for sellers to capitalize on the favorable conditions. According to a recent report from Realtor.com, active inventory in June was 50.6% below pre-pandemic levels of 2017-2019.
This scarcity is evident when comparing the current orange bars representing 2023 listings with the more normal years of 2017-2019. The graph clearly illustrates how active listings remain significantly below the typical market inventory.
For sellers, this low inventory presents a great opportunity. With fewer options for buyers, your home will be in the spotlight, leading to faster sales and increased offers. The latest Confidence Index from the National Association of Realtors (NAR) reveals that the percent of homes sold in less than a month has increased, while the median days on market has decreased to just 18 days. Additionally, the average number of offers on recently sold homes has risen to 3.3 offers.
Don't miss your chance to take advantage of this favorable selling environment. Download our comprehensive Buyers Guide to gain valuable insights and expert tips on navigating the real estate market. Discover proven strategies for house hunting, financing, negotiation, and more. Maximize your investment potential and stay ahead of market trends with our bonus resources.
With home prices projected to appreciate in the coming years, buying now ensures potential growth in value and home equity. As for mortgage rates, experts anticipate a slight pullback, offering favorable financing opportunities. However, it's important to note that mortgage rates can fluctuate based on various factors.
To make an informed decision, consider the possible outcomes:
- If you buy now and mortgage rates don't change, you secure your investment before rising prices.
- If you buy now and mortgage rates fall, you benefit from getting the house at a lower rate and have the option to refinance later.
- If you buy now and mortgage rates rise, you've made a wise move by locking in a lower rate before both home prices and rates increase.
Stay informed about the Miami real estate market with expert projections and analysis. Connect with us to get professional guidance tailored to our local market. Don't miss this opportunity – take the first step toward your real estate goals today.
