Home Inventory Hits a New Low!

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Every year around this same time, families throughout the North Shore decide if this is the year they should sell their current home and move into their dream home.

Mortgage rates have hovered around 4% this year, forcing buyers off the fence and into the market, resulting in an unbelievably strong demand. And that demand is happening RIGHT NOW!! At the same time, the inventory levels of homes for sale have dropped dramatically as compared to this time last year.

Reports show U.S. home inventory has tumbled 8.9% over the past year and has now fallen for nine consecutive quarters. There is now 20% less inventory than there was five years ago.

Here is a chart showing the decrease in inventory levels by category:

Bottom Line

The demand for your home is very strong right now while your competition (other homes for sale) is at a historically low level. If you are thinking of selling in 2017, now may be the perfect time.