Although the housing marketing is still recovering and improving some are afraid that it doesn’t seem to be going anywhere anymore. While this could be due to a number of different reasons, such as increasing mortgage rates, an economy that is recovering slower than most housing markets or even the fact that some people may not be interested in homeownership right now, there is one major reason why the housing market just isn’t improving as quickly as it was a short time ago: there isn’t an adequate amount of inventory in most major cities throughout the nation.
There are several different factors that point to the reassuring fact that, yes, the housing market is still gaining strength. Many buyers are out physically looking at homes. With the spring and summer months underway, buyers are coming out in droves to see what is available in their market. They are going to open houses and setting up home showings to see what’s out there. The National Association of Realtors stated that the number of people physically looking at homes has continually increased in the past quarter. Not only are people getting out and looking at homes, they are also searching the internet for their perfect home. Housing websites such as Trulia and Zillow are seeing an increase both in number of website visits and people conducting searches for homes for sale.
It is also hard to notice an improving housing market when the inventory is so low; it is still a seller’s market and will remain so for the foreseeable future. In order to have a market that favors both buyers and sellers there needs to be at least six months’ worth of inventory. With the number of buyers that are currently searching the market, achieving six months’ worth of inventory to achieve that balance probably won’t happen for quite some time.
So, have no fear. The housing market is still improving and recovering, albeit slowly for a number of reasons. The important thing to note is that if you are considering selling your home now may be the best time to do so thanks to low housing inventory and an increase in buyers.