Why Home Sellers Should Take Advantage of the Low Housing Inventory
The low housing inventory is actually good news for homeowners thinking of putting their homes on the market now rather than waiting.
Current housing inventory levels are at their lowest levels since as far back as the records go, 1995! As of today, there are just 14,416 homes on the market in Massachusetts, a decrease of 7.6% compared to the same period last year when there were 15,596 homes on the market.
On Market Inventory for Massachusetts
The chart below shows monthly housing inventory levels for the past 23 years.
Why is this good news for home sellers? Fewer homes on the market means more competition for your home and more attention from buyers. And buyers tend to be more motivated since they are either relocating, downsizing, and at this point, are dedicated to finding a home before droves of buyers come out in the summer months.
As the inventory levels go down, demand for homes is going up, but in reality, there are just more buyers than there are homes listed on the market at any given time.
There are plenty of want-to-be sellers out there because they are scared of not knowing where to go after their home sells, not being able to find the home they want with such low inventory or worried about having to move twice. The problem arises when worried sellers won’t list which in turn keeps inventory down, creating an epidemic in the housing market. Sellers, you are in the driver’s seat and there are ways to help protect all of these concerns you may be having!
What’s the Housing Inventory in Your Town?
Low housing inventory is affecting towns all across Massachusetts, not just within the Metro Boston area. In the chart below, you’ll see how 2018 inventory follows the same path as every prior year but is much lower than the past four years.
Click on the town image below to view the current inventory numbers:
By the summer, more homeowners will hopefully put their homes on the market which will raise inventory levels, and the interest rates will likely be higher than they are now. As you can see from charts, inventory levels usually begin to increase by the spring months, and don’t return to low levels until the following winter. For these reasons, home sellers should take advantage of the current market conditions now and list their home before the market begins to tip in the buyers favor.