MovingWithMel at RE/MAX 5 Star
RE/MAX 5 Star Realty
There are many reasons for the limited number of homes on the market, but as you can see in the graph below, were well below where weve been for most of the past 10 years. Today, across the country, there is only a 2.4-month supply of homes available for sale.
This lack of homes for sale is creating a challenge for many buyers who are growing frustrated in their search. On the other hand, this is a huge opportunity for sellers as low supply is driving up home values. According to CoreLogic, the average home has appreciated by more than 50,000 over the past year. And for many homeowners, thats opening new doors as they re-think their needs and use their equity to move up or downsize.
According to Dr. Frank Nothaft, Chief Economist at CoreLogic:
The average homeowner with a mortgage has more than 200,000 in home equity as of mid-2021.
Today, many sellers are taking advantage of low interest rates and the equity they have in their homes to make a move.
The biggest challenge in real estate is the lack of homes for sale, but this challenge is also an opportunity for sellers. If youre thinking about selling your house, lets connect to start the process.
#homebuying #homeselling #housingmarket #remaxagents #movingwithmelteam #realestateexperts #texashousingmarket #leaguecityrealestate
Erase note
You currently have no custom folders