Today’s Housing Inventory Is a Sweet Spot for Sellers

One of the biggest challenges in the housing market right now is how few homes there are for sale compared to the number of people who want to buy them.

To help emphasize just how limited housing inventory still is, let’s take a look at the latest information on active listings, or homes for sale in a given month, as it compares to more normal levels.

According to a recent report from Realtor.com:

“On average, active inventory in June was 50.6% below pre-pandemic 2017–2019 levels.”

The graph below helps illustrate this point. It uses historical data to provide a more concrete look at how much the numbers are still lagging behind the level of inventory typical of a more normal market (see graph below):

It’s worth noting that 2020-2022 are not included in this graph. That’s because they were truly abnormal years for the housing market. To make the comparison fair, those have been omitted so they don’t distort the data.

When you compare the orange bars for 2023 with the last normal years for the housing market (2017-2019), you can see the count of active listings is still far below the norm.

What Does This Mean for You? 

If you’re thinking about selling your house, that low inventory is why this is a great time to do so. Buyers have fewer choices now than they did in more normal years, and that’s continuing to impact some key statistics in the housing market. For example, sellers will be happy to see the following data from the latest Confidence Index from the National Association of Realtors (NAR):

• The percent of homes that sold in less than a month ticked up slightly to 74%. 

• The median days on market went down to 18 days, showing homes are still selling fast when priced right. 

• The average number of offers on recently sold homes went up to 3.3 offers.

Bottom Line

When supply is so low, your house is going to be in the spotlight. That’s why sellers are seeing their homes sell a little faster and get more offers right now. If you’ve thought about selling, now’s the time to make a move. Connect with a trusted real estate professional to get the process started.

Get more like this on Keeping Current Matters.

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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4 Tips for Air Conditioning Care to Keep in Mind Over the Summer

As summer heats up, air conditioning usage becomes more and more common.

However, without proper maintenance, it's easy for air conditioning units to break down in the middle of a heatwave. That's why, as temperatures continue to rise, it's important to keep in mind these 4 tips for air conditioning care that will help keep your unit running efficiently all summer long.

Change Your Filter Regularly
One of the most important things you can do to keep your air conditioning unit running smoothly is to change the filter regularly. A dirty or clogged filter can cause your system to work harder than it needs to, which will, in turn, increase your energy bills and decrease the lifespan of your unit.

Keep Your Coils Clean
Your air conditioning unit's coils can also become dirty or clogged, making it harder for your system to cool your home. To keep your coils clean, clean or replace the air filter regularly, and also consider scheduling an annual maintenance check with a professional HVAC company.

Clear Obstructions from Your Unit
Maintaining a properly functioning air conditioning unit is a top priority for any homeowner. In order to ensure optimal functioning, it is important to clear any obstructions from around the unit. Overgrown plants or debris can obstruct the airflow in and out of the unit, increasing the likelihood of expensive air conditioning repairs down the line. By taking the necessary steps to clear any obstructions, homeowners can save themselves from the stress and financial burden of a malfunctioning air conditioning system and, as a result, a possible air conditioning repair. It is important to maintain the unit proactively to ensure optimal comfort during warmer months.

Mind the Thermostat
Your air conditioning unit's thermostat is the key to regulating the temperature in your home. To keep your system running efficiently, be sure to keep your thermostat set at a reasonable temperature, and also consider installing a programmable thermostat to make it easier to keep track of your system's temperature.

Properly caring for your air conditioning unit is essential, especially during the hot summer months. By following these four tips, you can help ensure your unit runs efficiently and effectively all summer. Take the time to educate yourself about your system's needs, and don't forget to schedule annual maintenance checks with a professional HVAC company to keep your air conditioning unit in top condition for years to come.

Get more tips like this on RISMedia.

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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How To Identify the Signs of Imminent Roof Repair and Handle It Early On

The roof is the first line of defense against the sun, rain, wind, hail, and many other natural elements.

Like anything else, it also gets damaged over time, thus requiring regular maintenance, repair, and, eventually, replacement. However, it’s not always easy to determine when it’s time for a roof repair, and ignoring warning signs can result in more costly damage down the line. In this post, we’ll highlight some of the signs that indicate it’s time for a roof repair and how you can handle it early on, saving you money and protecting your home.

Visible Damage
The first tell-tale sign is usually visible damage. If you can see cracked or missing shingles, it’s a sign of damage, and it needs attention. These damages allow water to seep through and cause leaks. Mold and mildew may also grow when moisture is present, and this can lead to structural damage if ignored. Look for any wet spots on the ceiling and walls, as this may indicate a leak also.

Roof Age
Another factor that can indicate the need for a roof repair is the age of the roof. Generally, asphalt shingle roofs last between 15-20 years. And if your roof is nearing this age, you may start to see some warning signs of wear and tear. Regular inspection can help spot trouble areas and keep small problems from becoming bigger issues.

Granule Loss
Visible granules on your roof's shingles protect it from UV rays, extend its lifespan, and prevent it from overheating. You may start to see your roof's surface appearing smooth, and you’ll notice that there are fewer granules than normal when you have walked on the roof cleaning gutters.

Curled or Buckled Shingles
Are your shingles starting to curl or buckle? This is due to age and weathering, and it’s a sign that you need roof repair before the damage spreads further. Curled shingles allow for water to seep in, and buckled shingles may even fall out, making your roof vulnerable. Replacing shingles as soon as you notice them starting to curl can help you avoid these issues.

Sagging Roof Deck
Lastly, if your roof appears to be sagging in some areas, it is a sign of significant damage that requires immediate attention. The cause of a sagging roof is usually water damage, which weakens the structure when allowed to continue. The structural integrity of the roof is compromised when such warning signs get ignored; it can be hazardous and may even result in the roof collapsing. Be sure to seek professional help if you notice any signs of sagging, no matter how minor.

In conclusion, identifying the warning signs of roof damage can help you avoid more expensive repairs down the line. Keeping a regular eye on the state of your roof can help you nip any potential damages in the bud and ensure that your roof stays healthy and functional. If you suspect that your roof needs repair, proactively hire a professional roofing contractor or call your insurance company to perform an inspection. Early detection can save you money and keep your roof in good shape and your home well protected.

Read on.

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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U.S. Pending Home Sales Fall but the Housing Market Is in Recovery Mode

The numbers: U.S. pending-home sales fell in May, the National Association of Realtors said on Thursday but the housing market is still showing signs of being in recovery mode.

Demand for homes is still strong, despite mortgage rates hovering near 7%, but buyers are finding few properties for-sale to choose from as homeowners hold out on selling.

The shortage in housing inventory has become so dire that it’s pushed pending home sales down in the spring, which is generally the peak season for home-buying.

Sales fell by 2.7% from the previous month, according to the monthly index released Thursday by the National Association of Realtors (NAR).

The figure fell short of expectations on Wall Street. Economists expected pending home sales to be flat in May.

Pending home sales reflect transactions where the contract has been signed for an existing-home sale, but the sale has not yet closed. Economists view it as an indicator for the direction of existing-home sales in subsequent months.

ig picture: Despite the headline figure revealing that home sales are down, the housing market isn’t in a crisis—it’s actually in recovery mode.

Considerable pent-up demand for homes from buyers who have accepted the new normal of high interest rates, combined with homeowners’ reluctance to sell their home and give up their rare pandemic-era ultra-low mortgage rate has led to an imbalance in demand and supply.

And unless mortgage rates rise significantly to scare off eager home buyers, or fall low enough to incentivize existing homeowners to sell, the housing market is likely to see this weird imbalance persist.

Builders, on the other hand, are taking the opportunity to offload their inventory as sales of new homes surge 12% in May.

What the realtors said: “Despite sluggish pending contract signings, the housing market is resilient with approximately three offers for each listing,” NAR Chief Economist Lawrence Yun said.

“The lack of housing inventory continues to prevent housing demand from being fully realized,” he added.

Yun suggested that existing-home inventory can be boosted with possible tax incentives, such as increasing the amount of capital gains that sellers can exclude on their taxes.

Learn more on Realtor.com

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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Where Will You Go If You Sell? Newly Built Homes Might Be the Answer.

Do you want to sell your house, but hesitate because you’re worried you won’t be able to find your next home in today’s market?

You’re not alone, but there’s some good news that may ease your worries. New home construction is up and is becoming an increasingly significant part of the housing inventory.

That means when you go to put your house on the market this summer, considering newly built homes is crucial for expanding the options you’ll have for your next move.

Near-Record Percentage of New Home Inventory

Newly built homes today make up a near-record percentage of the total number of homes available for sale (see graph below):

In fact, as the data shows, newly built homes now make up 31% of the total for-sale inventory. Over the past couple of decades, newly built homes made up an average of only around 13% of total housing inventory from 1983 to 2019.

That means the percentage of the total available homes that are newly built is over two times higher than the norm.

Why This Matters to You 

Overall, the supply of homes for sale is still low. And when there’s limited supply, it’s crucial to explore all of your available choices. New-home construction has emerged as a game changer with increasing inventory. Not to mention, recent data shows it’s gaining even more momentum as more newly built homes are underway and will be coming to the market in the months ahead.

Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), highlights the importance of newly built homes for those looking to buy in today’s housing market. Dietz states:

“With limited available housing inventory, new construction will continue to be a significant part of prospective buyers’ search in the quarters ahead.”

Don’t overlook this growing market segment and risk missing out on great opportunities to find your ideal home. Since new home construction accounts for roughly 31% of total for sale inventory, you could be cutting nearly one in three options from your search if you don’t consider newly built homes. 

If you’re looking to make a move, a local real estate agent can help you sell your current house and explore newly built options in your area. They have the expertise you need to handle both sides of the process so you can move out of your current house and into your brand-new dream home.

Bottom Line

Now’s the time to sell your house and take advantage of the momentum that’s building in new home construction. Reach out to a trusted real estate agent who can guide you throughout the selling and buying process so you can make your transition to a newly built home a reality.

Get more like this on Keeping Current Matters.

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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