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Slow Down On Sales Of Existing Homes
There is a lot of activity in the real estate market right now. But there are some interesting statistics that seem to run contrary to that feeling of robust activity. According to the National Association of Realtors (NAR) sales of pre-owned homes declined 7.1% in February 2016. So what gives?!
Here is a great article that discusses the situation in some detail. But the Cliff's Notes version goes basically like this: Inventory problems. As in, it's not a lack of interested buyers, it's a lack of suitable properties available. For the entry level buyer, this lack of inventory is attributable to a few factors.
1 - over the last several years of foreclosures and short sale, many entry level homes were purchased by investors and are now rentals, as in, they are not showing up in the sale inventory pool.
2 - The gap in prices between mid-level and premium homes has increased, meaning that many people who would be upgrading are holding off. Meaning there are fewer trade-up homes available, so the folks in starter homes aren't finding homes available to allow them to upgrade either.
Sounds like a game of musical chairs with not enough chairs. And maybe the music isn't loud enough. There's not an immediate solution at hand. But somewhere between new construction of mid-level inventory, and possibly price reductions in some of the higher price points, we can possibly get things moving again. There is a lot of demand, we just need to work out the supply kinks.
In the short term that means that buyers who are ready to buy now will need to have their loans all pre-approved, and be set up on instantaneous alerts for when a home in their desired location and price range comes available, they will have to go look fast and make a decision quickly. It's going to be an interesting spring. Hang on to your hats!
Gavin has lived in Boise for over 20 years. In 2003 he got his start in real estate as an investor and since then he has personally bought and sold over 100 houses. He got licensed in 2009 and is now....
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