It’s a Buyer’s Market but Where’s the Housing Inventory?

It’s no secret that the US housing market has been in a free-fall dive over the past few years. But, with record low mortgage interest rates and housing prices; where’s the inventory? The Wall Street Journal reports today that:

“There were more than 2.19 million homes listed for sale at the end of September, down 20% from a year earlier, according to a new report from the real-estate website Realtor.com. That is the lowest level since the company began its count in 2007.”

Low housing prices is reportedly keeping sellers off the market. Many homeowners are waiting to list their homes for sale. Even the shadow inventory of foreclosure properties isn’t filling the inventory gap. Many recent reports of foreclosure filing irregularities have slowed the pace of bank-owned properties hitting the for sale market.

With reduced competition in the marketplace, this may be a good time for sellers to list their homes. If a buyer needs to move, and there isn’t a lot of inventory to choose from, this scenario is likely to produce a faster transaction with less downward pressure on price. We’d like to chat with you about your housing needs in Arizona because based on news, we think it’s a great time to buy or sell in the Tucson market!