We love riddles. A favorite is an ancient one that goes like this. There is a house. One enters it blind and comes out seeing. What is it?
Before answering, here is another about our local housing market. How are there record high home sales with record low homes on the market?
Today’s real estate news is all about low standing inventory of homes. In the past 20 years, it has never been lower. The headline in the graphic above is taken from an industry publication. Seeing such news buyers cannot help feeling frustrated. Most think there is nothing to buy. That is a shame because the news is incomplete and giving the wrong impression.
We are selling a record number of houses. That cannot be possible without a lot of homes for sale. The answer to the housing riddle is that there are a great many homes coming to market – a 7-year high, and one of the best on record.
The challenge today isn’t lack of choice; it is the swift pace of sales. With so many buyers back in the market, well-priced homes don’t last long. It’s why inventory at any moment in time is so low, even with a near-record high number of homes coming to market.
Today’s successful buyers are better prepared for the fast-pace. It takes a different plan of action than just a few years ago. Great preparation slows the process down, so a buyer doesn’t feel as rushed when that right home hits the market.
This leads us to the answer to the ancient riddle: it is a school house. Like the teacher, a big part of what we do is educate our clients on how to achieve better outcomes – in any kind of market. We would love to talk with you or anyone who is looking to buy or sell. With the right knowledge and some smart work, we will solve today’s market riddle.
For more on how to best understand our current market conditions, be sure to check out our Market Minute videos on our YouTube channel.
