Massive Inventory Increase

Monday, August 13, 2018   /   by Bryan Arnold

Massive Inventory Increase

After hovering between 5000-5500 homes on the market for almost 6 months, housing inventory just increased to 8200+ from 7400 in one week. If you are looking to sell, don't delay because supply is increasing every day and will most likely continue to do so through November. Last October, inventory levels hit 12,000+. This means more choices for the buyer (i.e. competition for sellers), longer days on the market, and a lower chance of having a multiple offer situation.

This is great for buyer's. Less likelihood of having to write an offer the same day you see a home. After all, buying a home is a massive decision. Being able to sleep a night deciding if this home is for you is crucial to the buying process...and not a luxury most buyer's have experienced over the last 2 years. With interest rates at 4.625% for 30 years, I wouldn't wait too long to buy. Just a half point increase to 5.1%, which certainly could happen by the end of 2018, at the $250,000 price point will have you paying an extra $27,000 in interest over the life of the loan.

As always, if you have any real estate related questions or you just need someone to talk to, please don't hesitate to contact me at 219.776.0622 or bryan@guttinggroup.com.