Some Highlights Whether you’re buying or selling – today’s housing market has plenty of good news to go around. Buyers can take advantage of today’s mortgage rates
Inventory Declines For 3 Straight Years Driving Up Competition
Dated: November 28 2018
Competition for existing homes in markets across the country has never been more heated. And the reason? Low inventory.
According to the National Association of Realtors, total housing inventory in the US has dropped year-over-year for a whopping 36 consecutive months—three years in total. Currently, the unsold inventory is at a 4.1-month supply, and the lack of available homes is seriously driving up competition. Because of the lack of inventory (and the fierce competition for available properties), homes are flying off the market. In May 2018, properties typically stayed on the market for 26 days and more than half (58%) sold in less than a month.
My name is Kelly Combs and I am a native of Fredericksburg, Va., born and bred. I grew up in the 80’s when Fredericksburg was a small rural town, and I had the joy of evolving from a child to an adu....