Housing inventory shortage is the conversation of the day, and has been for a while. It seems to be an oxymoron that sellers seem to feel anxious that houses are just sitting and clocking more and more days on market, while buyers bemuse that there are few choices due to the lack of inventory. What gives?
I decided to take a look at the number of Active Listings in my area of concentration – the higher value homes in Walton High School. As of today, 7/9/19, there are 113 resales (not new construction) of detached (not attached, land, lots, rentals) homes on the market priced at or above $600,000. That seemed like a lot so I went back in time to compare that number to prior years.
This chart shows the results. It’s no surprise to see that July 2009 had only 33 Active Listings. The housing market was so bad at the time that only those with big motivation decided to sell or at least attempted to sell.
It appears that everyone seemed to think the recession was over in 2010. Note the increase from the prior year and that the July 2010 inventory was the same then as today (113).
In retrospect, while Realtors and buyers would like to see more homeowners offering their house for sale, our current level of inventory is better (higher) than it has been for years.
Back to the issue or feeling that the market has gone dry. Stats are likely to show (subject of another post) that Right Pricing (an original list price that attracts offers without the need for reductions) is more effective than starting high. Are there fewer buyers in the market today at this price point, or are there fewer buyers willing to overpay?
Selling a house is not rock science. Experienced and novice agents alike perform this exercise every day of the year. The challenge is to set the right environment to give the seller the very best opportunity to net more at closing, in less time.
Visit Miller Group Realty online and spend a few minutes with Best Home Marketing to begin to appreciate why I may be best positioned to represent the interest of those with higher value Walton High School homes in the elementary schools of East Side, Mount Bethel, Sope Creek and Timber Ridge.