2020-07-01
Savvy Home Sellers Are Taking Advantage of The Current Inventory Shortage

 

Savvy Home Sellers Are Taking Advantage of The Current Inventory Shortage

Home prices are remaining strong as the demand for moderately priced homes (under $400,000) out paces the existing inventory. According to a recent report from the NAR (National Association of Realtors).

According to Lawrence Yun, Chief Economist at the NAR "The housing market faced an inventory shortage before the pandemic. Given that there are even fewer new listings during the pandemic, home sellers are taking a clam approach and appear unwilling to lower prices to attract buyers during the temporary disruptions to the economy."

The inventory shortage is spread across the market, but is especially noticeable in the "affordable" price ranges. The median sales price for single family homes in Salt Lake County increased to $400,000 in the 1st quarter of 2020, and while sales were down (0.86%) in the quarter the median days on the market ped to 27 days (an improvement of 22.86%).

The bottom line is if you are interested intaking advantage of the historically low interest rates and the low inventory now is the best time to sell your home. Reach out to Garn and his team of professionals to help you succeed in the selling process. 

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