March 12, 2013
Is there really a shortage of homes for sale?
Understanding the difference between a buyers' market and a sellers' market is important to buyers as well as many professions that rely on the housing market to flourish. Nationally existing home sales have increased .4 percent and increased 9.1 percent above the 4.51 million units sold in January 2012. A sellers' market is when there are more buyers than homes for sale. It's about supply and demand. Buyer traffic is continuing to pick up, while seller traffic is holding steady. In fact, buyer traffic is up 40 percent above a year ago creating a high demand according to the National Association of Realtors in their March 2013 leadership meeting. As quoted at the meeting "The problem is insufficient inventory is holding sales back from improving at even a faster rate".
So what about the state of Rhode Island? Well, take a moment and grasp these numbers:
Active Single Family Units
Current: 4111 - WOW less than previous two years.
But this is even more powerful and be sure to pay close attention to 2012 to 2006.
2012: 8014 - WOW this incredible growth. We are back to 2006 numbers and climbing.
Conclusion of this blog is that now is the time to buy. Simply put, rates are climbing, pricing are climbing and homes for sale are scarce. NOW is the time to buy.
If you are thninkg of buying your first home, second home or investment home, call us today to get started. Don't miss out.