I have previously spoke about the diminishing supply of housing inventory and how it is impacting the real estate market. The situation might be about to change dramatically according to a recent survey by Lending Tree.
The survey revealed three interesting findings. Of those surveyed:
- 63% have a positive outlook on the economy this year
- 69% have a positive outlook on housing this year
- 71% said they are considering selling their home this year
While the first two findings are good news, the third was rather amazing.
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71% of homeowners are considering selling their home in the next 12 months!
While we realize that 70% of the housing inventory in this country could never be turned over in a year, it is interesting that people are again thinking about moving. There has been a pent-up selling demand over the last few years because families lost both equity in their homes and confidence in the economy. Rising prices have returned equity to many and an improving economy is again rebuilding consumer confidence.
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Only time will tell. However, even if a small portion of that 71% actually decide to sell, this year’s real estate market could be very interesting as we move forward. With inventory low now is the time for sellers to get in the market.
Reprinted with permission from the KCM blog.
LARRY MCKENNA - COLDWELL BANKER
Office - 631 588-9090
