The housing market led the way in our nations economic recover last year, and it does not appear to be slowing down a bit! Record-low mortgage interest rates are a driving factor in this continued momentum, with average rates hovering at historic all-time lows.
According to the latest Realtors Confidence Index Survey from the National Association of Realtors (NAR), buyer demand across the country is incredibly strong. That’s not the case, however, on the supply side. Seller traffic is simply not keeping up.
NAR also just reported that the actual number of homes currently for sale, nationally stands at 1.28 million, down 22% from one year ago (1.64 million). Additionally, inventory is at an all-time low with 2.3 months supply available at the current sales pace. In a normal market, that number would be 6.0 months of inventory – significantly higher than it is today.
Currently, there are only 57 active listings in Roscommon County. Just 10 in Missaukee County and 18 in Crawford County. Which makes our area slightly lower than the national numbers.
What does this mean for buyers and sellers?
Buyers need to remain patient in the search process. At the same time, they must be ready to act immediately once they find the right home since bidding wars are more common when so few houses are available for sale.
Sellers SHOULD NOT wait until spring to put their houses on the market. With such high buyer demand and such a low supply, now is the perfect time to sell a house on optimal terms.
The real estate market is entering the year like a lion. There’s no indication it will lose that roar, assuming inventory continues to come to market. To learn more about my professional listing services, CLICK HERE.