I am happy to say, the housing market has been on a steady recovery, but there is one major obstacle that could potentially slow down its momentum: low inventory.
To best sum up our local Randolph real estate market and give you a better idea how considerably low the inventory is, I will list below the total of homes on the market this year compared to the past few years.
January 2014 – 58 Active Homes
January 2013 – 87 Active Homes
January 2012 – 129 Active Homes
January 2011 – 162 Active Homes
January 2010 – 158 Active Homes
(information supplied by GSMLS)
This becomes a supply and demand issue, with limited inventory we have seen many multiple offer situations and home prices continue to rise. The experts have been predicting a 3% appreciation a year in the next few years, which is sustainable and predictable and should get us to a healthier market as long as it does not start pricing buyers out of the market and fuel another bubble.
So my advice, if you’re a buyer, homes are still priced reasonably and with historically low interest rates there has never been a better time to buy.
If you are a seller, low inventory has sparked multiple offer situations which yield homeowners a higher sales price and buyers that are no longer sitting on the fence.
2014 is going to be a great year in real estate…
The opinions expressed herein are the writer's alone, and do not reflect the opinions of TAPinto.net or anyone who works for TAPinto.net. TAPinto.net is not responsible for the accuracy of any of the information supplied by the writer.