#1 Inventory is low. Housing Inventory has fallen to Record Lows.
A December 2019 Forbes article predicted a historically low level of housing inventory in 2020. According to NAR statistics, there is a chronic shortfall of 300,000 to 400,000 housing units every year.
Nationally in January Housing Supply dropped almost 14%.
Locally we have a VERY LOW 4.0 month supply of inventory.
Nationally we have about a 5 month supply of inventory.
WHAT DOES THIS MEAN?
Simple - In 2020 there are not many homes on the market!
It would take only 4 months to sell every home currently on the market
And at that point, there would be NO more inventory! Nationally and Locally our Housing Market is strong!
Contrast this to 2008/09! The housing inventory was around 12 months! 3 times what we see today! (see graph) This is very bad for any market to have an excess of inventory! Think about anything that is BOUGHT and SOLD! TONS of inventory price plummet!
Even when markets turn, buyer demand remains. Even if some buyers initially delay their purchases out of fear, when that fear subsides, most buyers will still want to buy — and that pent-up demand will turn into sales.
So when it comes to choosing your next real estate agent, you need someone who:
✅ Understands the market
✅ Can maximize the price when selling your home
✅ Can hold your hand through the home buying process
✅ Is a fierce negotiator
✅ Is a technology and social media expert
✅ Always has your BACK!
Call me and I can show you how I check all the boxes!! 912-844-9000
#teamyannett #myhomesavannah #savannahga #savannah #isleofhope #isleofhopega #poolerga #richmondhillga #savannahrealestate