End In Sight For Historic Housing Shortage

Dated: 04/13/2018

Views: 36

Image title

One of the biggest challenges facing buyers in the Whatcom and Skagit County markets right now is actually finding a home. According to Realtor.com's recent Housing Shortage Report, the US is experiencing its most severe, worst inventory shortage in twenty years, and we're certainly feeling it here in Bellingham. That lack of inventory is driving up prices, making it an ideal market for sellers. In Whatcom and Skagit Counties this past year, we witnessed many homes going for well above asking price because there simply isn't enough supply to meet the demand.

But it looks like the end of this historic housing shortage may by on the horizon. In a recent article on housing trends, the economics team at Realtor.com predicted the second half of 2018 would see a major uptick in inventory thanks to new construction. And according to the same article, if inventory increases as predicted, that could mean the first net inventory gain in over three years.

  Facts And Factors What Affects Home PricesWhy You Need An Agent For New Construction


The Takeaway

If you're thinking about selling, now is the time to make a move. When the market cools down and there are more homes available, buyers are going to have more options—and the price you could get for your home in fall 2018 may be significantly lower than what it would fetch today.

Latest Blog Posts

Dealing With A Past Bankrupcy You Can Still Buy A Home Sooner Than You Might Think

In the past 6 years, more than 5 million Americans have filed for bankruptcy. And while many people believe that filing for bankruptcy causes long-term financial ruin—and will keep them from ever

Read More

Its Because Of The Price

Are you getting frustrated that your home hasn't already sold? Has it been sitting on the market with little to no showings, while houses nearby are going under contract almost immediately? We're

Read More

Go For Sale By Owner And Leave Money On The Table

When a seller prepares to put their home on the market, they have one of two choices: working with a real estate professional to sell their home, or attempting to sell it on their own (aka " -

Read More

Less Than 5 Percent Of Homes In The US Have Negative Equity Making It An Ideal Time To Sell For Most

After the housing crisis of 2008, many homeowners found themselves "upside down" on their properties, with their mortgage balances significantly higher than the value of their home. According to

Read More