Potential Sellers Expected to Boost Housing
In a housing landscape parched for inventory, potential sellers are expected to boost the supply of homes for sale in the next six months of 2021.
- 10% of homeowners plan to sell in next 12 months and 76% of potential sellers have taken steps to list
- Potential sellers are expected to boost the supply of affordable inventory as they need more from their homes in 2021
- Majority of potential sellers plan to list in the next 6 months
- More inventory and good timing could persuade more sellers to list sooner
More inventory and good timing could persuade more sellers to list sooner Residential real estate markets have been contending with an imbalance of strong demand meeting insufficient supply for over a year. This imbalance was further exacerbated by the COVID pandemic starting in March 2020 and continuing into the spring of 2021. Based on the latest realtor.com® data from the week of April 17, the national inventory of homes was 53 percent below the same time in 2020. For perspective, compared with the 2017-2019 period, March 2021 saw about 117,000 fewer new listings.
The significant shortage of inventory has pushed the buying activity toward frenzied levels, with buyers waiving contingencies, employing price escalation measures and leading to fierce bidding wars. In light of tight supply, median listing prices rose 17.2 percent year-over-year, marking 36 consecutive weeks of double-digit gains. Stemming from this combination, affordability has become the main challenge for many first-time buyers. Not surprisingly, a recent realtor.com® survey found that over 40 percent of first-time buyers spent over a year shopping for a home.
Source: National Association of Realtors, realtor.com.
Are you active in the market looking for a Bucks County home to buy or sell? More than ever, you need expert, professional representation. Before you list your home for sale, call The John McClintock Team at 267‑759‑9518 for no obligation recommendations on pricing and an overview of our comprehensive marketing package that includes, home staging, brokers' open house, virtual tour, video tour and social media sharing.