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Why Your House Will Shine in Today's Market

Wende Bartolomeo November 11, 2024

Even though more homes are on the market now than there were this time last year, there are still more buyers than houses available. So, if moving has been on your mind, know that your home has a great chance to shine.
 
Understanding the reasons behind the ongoing shortage can help you see why the current market conditions work in your favor if you're considering selling.
 

What’s Causing the Shortage?

  1. Underproduction of Homes: For years, home construction hasn't kept pace with demand. As Zillow highlights: "In 2022, 1.4 million homes were built — at the time, the best year for home construction since the early stages of the Great Recession. However, the number of U.S. families increased by 1.8 million that year, meaning the country did not even build enough to make a place for the new families, let alone begin chipping away at the deficit that has hampered housing affordability for more than a decade."

  2. Rising Costs: Building materials, labor shortages, and supply chain disruptions have made new home construction more challenging and costly, limiting housing supply in some areas.

  3. Regional Imbalances: Some areas are especially affected by the shortage, with more people moving into popular regions faster than homes can be built. New building permits don’t always keep up with job growth, tightening the market further and pushing prices up.

How Big Is the Problem?

According to Real Estate News, the U.S. has a housing deficit of roughly 3.3 million homes, based on a blend of expert insights. This highlights the significant shortfall in homes needed to meet current demand.
 
Looking forward, John Burns Research and Consulting (JBREC) estimates that over the next decade, around 18 million new homes will be needed to accommodate projected demand, including homes for new households, second homes, and replacements for aging properties.
 
So, although more homes are available now compared to last year, there still aren’t enough to meet buyer demand. That’s where you, as a potential seller, can benefit.
 

What You Need To Remember

If you’re considering selling, the shortage of homes on the market means your property is likely to draw considerable interest. With years needed to alleviate this inventory deficit, the current market is still tight. Fewer available homes mean more buyer competition, which can drive up interest—and prices—in your favor.
 
Because every market varies, it’s crucial to work with a real estate agent familiar with your area’s trends. They can help you price your home correctly and create a strategy to attract motivated buyers.
 

Bottom Line

While there are more homes for sale than this time last year, there remains a broader shortage. This gives sellers an advantage in today’s market. Reach out to a knowledgeable real estate agent who can help you capitalize on current conditions.

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WENDE BARTOLOMEO

(480) 433-9949

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8388 E Hartford Drive

Scottsdale AZ 85255