In our current housing market, it seems difficult to find your dream home to buy. Before the health crisis hit us over a year ago, there was already a shortage of homes for sale. Many homeowners delayed their plans to sell at the same time while more buyers aimed to take advantage of record-low mortgage rates and purchase a home. This made the housing inventory drop even more. Experts consider this to be a big challenge while facing a hot market. As Danielle Hale, Chief Economist at realtor.com, explains:
“With buyers active in the market and seller participation lagging, homes are selling quickly and the total number available for sale at any point in time continues to drop lower. In January as a whole, the number of for sale homes dropped below 600,000.”
Every month, realtor.com releases new data showing the year-over-year change in inventory of existing homes for sale. In the map below, nationwide, inventory is 42.6% lower than it was at this time last year:
There are fewer existing homes being listed right now, many homes are simply selling faster than they’re being counted as current inventory. It’s like when a snowstorm is coming, and the grocery stores are stripped. That’s what is happening with the housing market: homes are being listed for sale, but not at a rate that can keep up with heavy demand from competitive buyers.
Experience is key when it comes to finding the right lender to help you successfully purchase or refinance virtually. Here at Apex Home Loans, we have been sharpening our existing digital techniques throughout 2020 to make the virtual homebuying experience as smooth as possible. Online or in person, we are dedicated to finding our customers the perfect mortgage to fit their financial goals. Check out our reviews to see for yourself.
In today’s competitive housing market, sellers are winning, but this won’t last forever. If you’re looking to buy a home in the near future, connect with our team today to find the best financing.