The US housing inventory has reached a historic low. According to a new study, the national inventory dropped almost 40% year over year in December. For the first time in history, only 700,000 active listings were recorded. This is an extreme housing shortage and is reflected in Long Beach’s numbers as well. In November 2020, the inventory of homes was down 6% compared to November 2020. So what does this mean for you and your home?
It’s a Seller’s Market
If you’re a homeowner considering selling your home, now is the time. Historic lows and high demand means your home could potentially sell for more money than you’d expect. This, combined with the amount of equity earned in the last year alone, could result in a very nice payout when selling your home. If you’ve ever considered moving up, downsizing, or leaving the state, this could be your opportunity. However, as with decisions, having all the facts is key.
Next Steps if You Decide to Sell
Just because the housing inventory has reached a historic low, doesn’t mean you should rush to judgment. Getting an expert real estate agent on your side is important to help you make your decision. The right agent will help you determine what your home is worth and what your selling timeline should look like. Furthermore, if there is a lot of activity once your home does hit the market, your agent will help you manage that. They can do all of the selling communication and help you look through multiple offers.
We Can Help
This new housing low may be historic, but The Shannon Jones Team is still well versed in managing busy listings and valuing homes. We would love to be your resource and help you determine the best course of action for you and your home during this historic time in real estate. Please fill out the form below to get started, or, to reach us immediately, please call 562.896.2456. Thank you and we look forward to serving you!