By now, you are probably tired of reading about how tight the inventory of homes for sale is across the country. In fact, we are tired about writing about it as well. However, there could be some possible good news on the horizon for home buyers. According to a recent survey of approximately 1,300 consumers conducted by the National Association of Realtors®, 65% of homeowners across the country planned on selling their home within the next six months, while 26% of homeowners planned on selling their home within the next year. Furthermore, housing inventory across the country showed steady improvement throughout 2021. In spring, 9% of sellers said they’d already listed their home when surveyed. That number jumped to 19% in the fall.
Factors impacting home inventory
With millions of millennials entering their 30’s right now combined with low mortgage interest rates, many sellers area realizing that this may be an opportune time to cash in on higher home values. With mortgage rates projected to gradually increase throughout the year, many of these buyers are feeling that this may be a race against time before their buying power diminishes as well.
An improvement in the housing inventory would be welcomed news for all throughout South Florida. Across the South Florida market we have seen the inventory of single-family homes for sale drop to record levels as of October 2021.
- Palm Beach County: inventory dropped 53% to 1.3 months
- Broward County: inventory dropped 44% to 1.4 months
- Dade County: inventory dropped 40% to 2.2 months
Summary
It remains to be seen how these national numbers play out in South Florida. With a record level of demand for South Florida housing from out-of-state buyers, it will likely require a considerable increase in inventory to make a difference. If you are a buyer in this market, it is critical to remain disciplined in your search. As a best practice, you should always work with a dependable & knowledgeable real estate agent in the local market. In addition, you should implement real-time listing alerts meeting your criteria and act swiftly on these properties.
At Live South Florida Realty, Inc. we have assisted many clients with their real estate needs. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!
