Trees Leave Effect…The “Housing Inventory Forest” looks quite different observing “the trees” since 2011, where clearly inventory has been dropping for the last eight years. The more recent challenges buyers have faced (i.e. making quicker decisions, competing with others for the same house, which often resulted in paying more than asking price or than they intended) are vastly different from 2011, where the housing choices were almost triple the number.
While the housing inventory is still low, we’re starting to see homes stay on the market for longer than few weeks. In my eyes as a Realtor, it’s currently unusual for a listing to be on the market for 30 – 60 days. It makes me wonder “What’s wrong with this home?”! But we’re starting to see ‘Days On Market’ increase for those homes that aren’t in pristine condition and well-priced.