CLIENT LOG IN

Margo Borkin

Persistent Perserverance, Consistent Results

248-419-3160
Cell: 248-318-4776
Fax: 248-419-0930
margo@movewithmargo.com
  • Menu
  • Home
  • About
    • About Margo Borkin
    • Client Reviews
    • Margo Vs The Market
    • Professional Resume
  • Communities
    • Berkley
    • Beverly Hills
    • Bingham Farms
    • Birmingham
    • Bloomfield Hills
    • Bloomfield Township
    • Commerce Township
    • Farmigton
    • Farmington Hills
    • Ferndale
    • Franklin
    • Huntington Woods
    • Keego Harbor
    • Novi
    • Oak Park
    • Orchard Lake
    • Royal Oak
    • Southfield
    • Sylvan Lake
    • Walled Lake
    • Waterford
    • West Bloomfield
    • White Lake
    • Wixom
    • Wolverine Lake
  • Property Search
    • Address Search
    • Basic Search
    • Advanced Search
    • Map Search
  • Home Buyers
  • Home Sellers
  • Blog
  • Contact

What Record-Low Housing Inventory Means for You

What Record-Low Housing Inventory Means for You | Simplifying The Market

The real estate market is expected to do very well in 2021, with mortgage rates that are hovering at historic lows and forecasted by experts to remain favorable throughout the year. One challenge to the housing industry, however, is the lack of homes available for sale today. Last week, the National Association of Realtors (NAR) released their Existing Home Sales Report, which shows that the inventory of homes for sale is currently at an all-time low. The report explains:

“Total housing inventory at the end of December totaled 1.07 million units, down 16.4% from November and down 23% from one year ago (1.39 million). Unsold inventory sits at an all-time low 1.9-month supply at the current sales pace, down from 2.3 months in November and down from the 3.0-month figure recorded in December 2019. NAR first began tracking the single-family home supply in 1982.”
(See graph below):

What Record-Low Housing Inventory Means for You | Simplifying The Market

What Does This Mean for You?

If You’re a Buyer:

Be patient during your home search. It may take time to find a home you love. Once you do, however, be ready to move forward quickly. Get pre-approved for a mortgage, be prepared to make a competitive offer from the start, and know that a shortage in inventory could mean you’ll enter a bidding war. Calculate just how far you’re willing to go to secure a home and lean on your real estate professional as an expert guide along the way. The good news is, more inventory is likely headed to the market soon, Lawrence Yun, Chief Economist at NAR, notes:

“To their credit, homebuilders and construction companies have increased efforts to build, with housing starts hitting an annual rate of near 1.7 million in December, with more focus on single-family homes…However, it will take vigorous new home construction in 2021 and in 2022 to adequately furnish the market to properly meet the demand.”

If You’re a Seller:

Realize that, in some ways, you’re in the driver’s seat. When there’s a shortage of an item at the same time there’s a strong demand for it, the seller is in a good position to negotiate the best possible terms. Whether it’s the price, moving date, possible repairs, or anything else, you’ll be able to request more from a potential purchaser at a time like this – especially if you have multiple interested buyers. Don’t be unreasonable, but understand you probably have the upper hand.

Bottom Line

The housing market will remain strong throughout 2021. Know what that means for you, whether you’re buying, selling, or doing both.


Source: KMC

Posted in: For Buyers, For Sellers, Housing Market Updates, Interest Rates Tagged: Real Estate

© Margo Borkin Real Estate 2010

Post navigation

« What Happens When Homeowners Leave Their Forbearance Plans?
Is Right Now the Right Time to Sell? [INFOGRAPHIC] »

Facebook

Comments Box SVG iconsUsed for the like, share, comment, and reaction icons
Margo Borkin Real Estate
2 months ago
Margo Borkin Real Estate

8740 Wise Rd Commerce Twp.
4 Bedrooms
2 Baths
1682 SqFt
.61 Acres
Stop by and see for yourself!
... See MoreSee Less

Message Page

8740 Wise Rd Commerce Twp.
4 Bedrooms
2 Baths
1682 SqFt
.61 Acres
Stop by and see for yourself!
View on Facebook
· Share
Share on Facebook Share on Twitter Share on Linked In Share by Email
View Comments
  • Likes: 0
  • Shares: 0
  • Comments: 0

Comment on Facebook

Margo Borkin Real Estate
2 months ago
Margo Borkin Real Estate

Join me this Sunday from 2-4pm at 6135 Anne in West Bloomfield for an open house tour! ... See MoreSee Less

Message Page

Join me this Sunday from 2-4pm at 6135 Anne in West Bloomfield for an open house tour!
View on Facebook
· Share
Share on Facebook Share on Twitter Share on Linked In Share by Email
View Comments
  • Likes: 9
  • Shares: 1
  • Comments: 0

Comment on Facebook

Margo Borkin Real Estate
3 months ago
Margo Borkin Real Estate

... See MoreSee Less

View on Facebook
· Share
Share on Facebook Share on Twitter Share on Linked In Share by Email
View Comments
  • Likes: 1
  • Shares: 0
  • Comments: 0

Comment on Facebook

Margo Borkin Real Estate
4 months ago
Margo Borkin Real Estate

... See MoreSee Less

View on Facebook
· Share
Share on Facebook Share on Twitter Share on Linked In Share by Email
View Comments
  • Likes: 0
  • Shares: 0
  • Comments: 0

Comment on Facebook

Margo Borkin Real Estate
4 months ago
Margo Borkin Real Estate

Ahhh, spring is here, and with it longer days, warmer temps, and a return to outdoor living. Yesss! Spring also means it’s also time to give that home sweet home a serious once over. To help, here’s an April home maintenance checklist to get you started:⁣
⁣
Declutter, declutter, declutter. Yep, I’m beating that drum…again. You didn't think I’d have a home maintenance checklist without decluttering as numero uno, did you?⁣

Replace air filters and schedule a maintenance check of your cooling system to ensure it’s ready for the steamy months ahead.⁣

Wash windows and doors, and don’t forget your porches. Clean out corner cobwebs and spruce up your front porch or stoop with a colorful wreath, a cutesy welcome mat, and stately planters.⁣

Clean and organize your garage; while you're at it, go on and rinse out your trash cans and recycling bins.⁣

Rent or borrow a pressure washer to give your siding, sidewalk, and driveway a fresh look. Check for widening cracks and chipped paint as you go, making a note to come back and address them later.⁣

Clean and repair your gutters and downspouts to ensure they’re in prime condition for spring downpours.⁣

Test your sprinkler or irrigation system and give that lawnmower a good ole crank. (Trust me, your grass will thank you later!)⁣

Clear brush and fallen limbs away from the house and clean out your beds to make room for spring color.⁣
⁣
Join me in rolling out the welcome mat for the easy, breezy season ahead!⁣
... See MoreSee Less

Ahhh, spring is here, and with it longer days, warmer temps, and a return to outdoor living. Yesss! Spring also means it’s also time to give that home sweet home a serious once over. To help, here’s an April home maintenance checklist to get you started:⁣
⁣
Declutter, declutter, declutter. Yep, I’m beating that drum…again. You didnt think I’d have a home maintenance checklist without decluttering as numero uno, did you?⁣

Replace air filters and schedule a maintenance check of your cooling system to ensure it’s ready for the steamy months ahead.⁣

Wash windows and doors, and don’t forget your porches. Clean out corner cobwebs and spruce up your front porch or stoop with a colorful wreath, a cutesy welcome mat, and stately planters.⁣

Clean and organize your garage; while youre at it, go on and rinse out your trash cans and recycling bins.⁣

Rent or borrow a pressure washer to give your siding, sidewalk, and driveway a fresh look. Check for widening cracks and chipped paint as you go, making a note to come back and address them later.⁣

Clean and repair your gutters and downspouts to ensure they’re in prime condition for spring downpours.⁣

Test your sprinkler or irrigation system and give that lawnmower a good ole crank. (Trust me, your grass will thank you later!)⁣

Clear brush and fallen limbs away from the house and clean out your beds to make room for spring color.⁣
⁣
Join me in rolling out the welcome mat for the easy, breezy season ahead!⁣
View on Facebook
· Share
Share on Facebook Share on Twitter Share on Linked In Share by Email
View Comments
  • Likes: 0
  • Shares: 0
  • Comments: 0

Comment on Facebook

Load more

Blog by Category

  • Baby Boomers (25)
  • Buying Myths (108)
  • Demographics (38)
  • Distressed Properties (15)
  • Down Payments (58)
  • First Time Home Buyers (574)
  • For Agents (1)
  • For Buyers (838)
  • For Sellers (672)
  • Foreclosures (17)
  • FSBOs (30)
  • Gen Z (6)
  • Generation X (16)
  • Holidays (3)
  • Home Decor (1)
  • Home Maintenance (2)
  • Housing Market Updates (448)
  • Infographics (183)
  • Interest Rates (145)
  • Investment (1)
  • Local Market Updates (3)
  • Luxury Market (13)
  • Millennials (75)
  • Move-Up Buyers (629)
  • New Construction (30)
  • Pricing (207)
  • Rent vs. Buy (96)
  • Selling Myths (50)
  • Senior Market (15)
  • Short Sales (1)
  • Time-sensitive (6)
  • Uncategorized (14)
  • Weekend Wanderings (1)

Recent Posts

  • Ready to Buy in 2022?
  • What you can expect from me as a buyer
  • Is your home ready to sell? Answer these quick questions to find out!
  • What do I offer for free? Glad you asked!
  • Preparing Your Home for Winter