Housing Market: Low Inventory Increases Housing Prices
We are seeing the law of supply and demand at work in the housing market. In a recent article by Lawrence Yun in Economist Commentaries he explains how the latest housing statistics show that inventory is down and prices have increased slightly. It appears that we are going back to a more normal market. Indicators in the housing market are specifically showing that new home inventory is at the lowest it has been since data was collected 50 years ago. Take a look at the graph below that comes from the article mentioned above.
What does this housing market mean for you as a buyer, especially a buyer wanting a new home? It means that now is the time to buy!
If you continue waiting until you think the market has hit the bottom you will miss out because by that point prices will have already started going up, which the housing market is already indicating is starting to happen. Take advantage of prices being low. Home builders have a lot of great deals out there and although they are low on inventory homes if you act now you can get a great deal on a brand new home!
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