Local Real Estate Monthly Market Update – May 2018
The weather has warmed up and so has the housing market!
The U.S. housing market is continuing to narrow, with the majority of available inventory out of reach for all but the highest earners.
Inventory is in continuous decline since 2015. Home hunting this summer is expected to be among the most competitive seasons on record. Sadly, the group that will have the hardest time is first-time and lower-income homebuyers. These buyers will be competing for the few entry-level homes on the market, which are also the ones appreciating the fastest because of extremely high demand.
There are some signals a shift may be coming — construction activity is at its highest point in a decade — but buyers shouldn’t hold their breath.
Getting pre-approved for a mortgage and having an expert agent you trust can go a long way in helping you act quickly once the right home does become available in this otherwise tight and stressful housing market.
If you are thinking about buying or selling, contact The Swain Team who are happy to help.