Housing Challenge or Housing Opportunity? It Depends... .

Dated: October 28 2021

Views: 9

Housing Challenge or Housing Opportunity? It Depends.

The biggest challenge in real estate today is the lack of available homes for sale. The low housing supply has caused homes throughout the country to appreciate at a much faster rate than what we’ve experienced historically.

There are many reasons for the limited number of homes on the market, but as you can see in the graph below, we’re well below where we’ve been for most of the past 10 years. Today, across the country, there is only a 2.4-month supply of homes available for sale.Housing Challenge or Housing Opportunity? It Depends. | Keeping Current Matters

The Opportunity 

This lack of homes for sale is creating a challenge for many buyers who are growing frustrated in their search. On the other hand, this is a huge opportunity for sellers as low supply is driving up home values. According to CoreLogic, the average home has appreciated by more than $50,000 over the past year. And for many homeowners, that’s opening new doors as they re-think their needs and use their equity to move up or downsize.

According to Dr. Frank Nothaft, Chief Economist at CoreLogic:

“The average homeowner with a mortgage has more than $200,000 in home equity as of mid-2021.”

Today, many sellers are taking advantage of low interest rates and the equity they have in their homes to make a move.

Bottom Line

The biggest challenge in real estate is the lack of homes for sale, but this challenge is also an opportunity for sellers. If you’re thinking about selling your house, now is the right time to connect with a local professional.

Blog author image

Bobby Leach

Bobby understands that buying or selling a home can be very stressful: it’s a life-changing experience. However, he also takes great pride in the relationships he builds and always works relentl....

Latest Blog Posts

2022 Fall Buyer Guide

Please look at my Fall 2022 Home Buyer Guide and let me know if you have any questions. My only goal is to serve you and your plans, so you have the most accurate information. Click on the image

Read More

Why an Expert Can Help You Understand Inflation & Mortgage Rates

If you’re following today’s housing market, you know two of the top issues consumers face are inflation and mortgage rates. Let’s take a look at each one.Inflation and the

Read More

The Top Six Reasons Homeowners Are Selling Their Houses Right Now

Some people believe there’s a group of homeowners who may be reluctant to sell their houses because they don’t want to lose the historically low mortgage rate they have on their current

Read More

New Homes Often Have the Incentives You’re Looking for Today

According to the U.S. Census Bureau, this year, builders are on pace to complete more than a million new homes in this country. If you’ve had trouble finding a home to buy over the past year,

Read More