Inventory hit an all time low nationally in December according to realtor.com. For the first time since housing records have been kept, there were less than 700,000 homes on the market nationally last month.
Conversely, the numbers of buyers out there remains high despite the lack of inventory and high home prices. It is a frustrating time for buyers but I wouldn’t worry if I was in the market in to buy.
Things will start to pick up as we get into the second half of winter and the spring. Inventory will go up. As always, it will depend on when you are ready to buy as to what the market will look like.
The good news is, analysts predict that housing prices will level off somewhat in 2021. Obviously much of that will be based on inventory and what is available. The higher the inventory, the more affordable homes are for buyers.
It is a tough market to buy in right now but it is a new year. Staying positive and striking at the right time are key. I truly believe inventory numbers will improve. When they do, start looking. Even if you don’t plan on buying until a later date, the sooner you start looking, the better.