After putting their home search on hold during the height of the COVID-19 pandemic, buyers are returning to the market ready and eager to purchase a home. But the biggest challenge facing them in today’s market? A lack of inventory.
According to recent data from realtor.com, available housing inventory dropped 27.4 percent from June 2019 to June 2020, translating to approximately 363,000 fewer homes for sale today when compared to this time last year. Newly listed properties are also down 19.4 percent year-over-year.
While the inventory shortage is a hurdle for buyers, if you’re thinking about selling, it presents an opportunity. Because there aren’t enough homes to meet buyer demand, the competition for existing homes should be fierce—which could help you fetch top dollar for home. So, if you’ve been thinking about listing your home, now is a great time to make a move.