Greater home values, low interest rates and high buyer demand; all these factors points to the strong market that is expected to last throughout the year. This is what the housing landscape is currently in.
However, there is factor that might disrupt the current housing landscape, and that is the lack of housing inventory. During summer, the buyer demand naturally increases however, the current supply of housing inventory isn't able to keep up.
According to Lawrence Yun, Chief Economist of National Association of Realtors, “Imbalance persists for mid-to-lower priced homes with solid demand and insufficient supply, which is consequently pushing up home prices.”
Mark Fleming, Chief Economist of First America, also said that the market conditions are ready for the increasing home sales however the lack of supply of homes for sale causes the existing home sales below potential.
According to another expert; Danielle Hale, Chief Economist of Realtor.com, “We’re not seeing as many new listings come up on the market…It was only 18 months ago that the number of homes for sale hit its lowest level in recorded history and sparked the fiercest competition among buyers we’ve ever seen.”
Hence, the demand for houses will be strong during a period when there is very little competition, ideally leading to a quick sale and a great return on your investment. If you're thinking of selling your house, now is the time to do so.