The Next Housing Crisis...... Lack Of Inventory!

The local housing market has seen a consistant rate of housing coming off the market, but a small number of new properties entering the market. This may change as more would be sellers realize that now is the time to try to sell, but as of today there are not enough quality properties available for the amount of buyers looking to take advantage of the great pricing and record low interest rates. 

To put it into perspective, inventory compared to just last year is down on average 30 to 40 percent! The consistant lack of new inventory compared to the rate of sales is driving the current real estate market towards a sellers market. Hot property today are seeing the return of multiple offers, near to full price offers, and the beginnings of some price increases in the popular markets!

As a buyer, we are still seeing great value in purchasing right now. The hard part about being a buyer today is that if you are looking for a popular area of the market, you are likely getting into multiple offer situations and properties getting accepted offers before you have the chance to get on the table. 

The market recovery for the local real estate market is in full swing and may continue right through the usual winter slow down. Last year, we did not see much of a slow down over the winter months. This may be the same case this year, although the unusually warm winter likely played a part in the activity last year. 

Feel free to contact me with any questions about the local market!

Brian Webb is a proud Homes for Heroes affiliate for St. Croix Valley. He represents clients in Hudson, River Falls, Stillwater, Woodbury, Oakdale, Cottage Grove, and surrounding Twin Cities Areas! He assists with buying, selling, investing, and property management of your home! He offers free advice and consulting services, contact him at BuyInHudsonWI.com