Housing inventory can be a difficult idea to grasp. Today I am answering common questions to help you understand.
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Today we're going to talk about housing inventory. You may be asking, “Why is this such an important statistic when you're looking to sell your house?” I am here to answer just that.
What is housing inventory? Housing inventory is the number of homes on the market at the time you're looking to buy or sell your home.
What is considered good inventory? Good inventory varies depending on if you are looking to buy or to sell.
If you are looking to buy, six months’ worth of homes (or more) on the market is ideal. This means it would take six months or more to sell every home on the market at the time. When the market is shifted this way, it is called a buyer’s market, and it tends to favor the interests of buyers.
If you're looking to sell, six months’ worth of homes to be on the market is the sweet spot, since this means that there are fewer homes than there are buyers.
Does the number of homes on the market affect your home’s value? Absolutely, it does.
More homes on the market means that there are more homes for buyers to choose. This can impact the value of your home, causing it to go down a little.
If there are fewer homes, buyers have fewer options and, therefore, they may have to pay more for your home if they want it.
What does the current inventory mean if you're looking to buy a new home or sell your home? This means that if there are six months’ worth or more of homes on the market, it would take six months or longer to sell every home on the market at the time that you're looking. Again, this is called a buyer’s market. The buyer is in control and could potentially pay less for a home since they have more choices. If you're a seller, then you want six months’ worth or less. This can increase the value of your home and could create a multiple offer situation, which could increase how much you net for your home.
If you have any questions about your home or the inventory available in your area, feel free to reach out to me. I would love to speak with you about the current market in Austin.
If there are fewer homes, buyers have fewer options and, therefore, they may have to pay more for your home if they want it.
If you're looking to sell, six months’ worth of homes to be on the market is the sweet spot, since this means that there are fewer homes than there are buyers.
Does the number of homes on the market affect your home’s value? Absolutely, it does.
More homes on the market means that there are more homes for buyers to choose. This can impact the value of your home, causing it to go down a little.
If there are fewer homes, buyers have fewer options and, therefore, they may have to pay more for your home if they want it.
What does the current inventory mean if you're looking to buy a new home or sell your home? This means that if there are six months’ worth or more of homes on the market, it would take six months or longer to sell every home on the market at the time that you're looking. Again, this is called a buyer’s market. The buyer is in control and could potentially pay less for a home since they have more choices. If you're a seller, then you want six months’ worth or less. This can increase the value of your home and could create a multiple offer situation, which could increase how much you net for your home.
If you have any questions about your home or the inventory available in your area, feel free to reach out to me. I would love to speak with you about the current market in Austin.
Jennifer Smith is so smart and knowledgeable. I would trust her with my needs.
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