Possible End in Sight for Record Low Shortage as June Shows Surprising Numbers

Possible End in Sight for Record Low Shortage as June Shows Surprising Numbers

The record low housing shortage that we experienced due to the pandemic might be turning around due to the surprising numbers that June showed. Sellers are starting to feel more comfortable about putting their houses on the market which means the heat of the market might start to cool down a bit.

According to Realtor.com, new listings in June increased 5.5% year over year and 10.9% compared with May.

With more houses coming on the market, buyers should start to feel better about actually getting a house. The chances of multiple buyers on one house and the prices of homes should start to decrease as more homes enter the market. The other side of more homes being on the market means there will be more competition for sellers.

This could mean trying to price their home accordingly. Pricing a home for competition might mean lowering the price to attract more buyers but it could sway the other way where the sellers might price their home higher to get more money.

The number of houses on the market are still historically low compared to the average for this time of year before the pandemic. But it will take a while for the market to recover from the pandemic so any increase in the number of homes is good.

New listings usually decrease in the summer after a busy spring market, which is why an increase in listings in June is surprising, but you must remember that the market is completely different than any other year due to the pandemic. The usual highs and lows cannot even be compared to 2020 and 2021 because of that.

Mortgage rates are projected to start increasing which will make buying a home less affordable so take advantage of the record low mortgage rates and more homes on the market to finally buy one.

The fear of trying to buy a home in this market and potentially being outbid or being put in the middle of a bidding war is frustrating but as more houses become available, the hope is that there will be less offers on one home.

Whether you are planning on buying or selling a home, contact your local real estate agency for assistance!

Easy Exterior Updates A Home Seller Should Never Forget

selling

Every home seller knows that a well-kept interior will attract the eyes of a buyer, but the exterior is almost always just as important. Imagine pulling up to see a house and the exterior is not well kept but then going inside, and it is gorgeous, freshly painted, new floor, and renovated. An unkempt exterior could pull a buyer away from a house.

There are plenty of ways to make the outside of your home look nice and inviting. Some ways are a simple fix and others could be a bit pricey if you don’t know the right way to go about it. Not every home seller needs to do everything on the list but doing one or two of them before selling, might be a good idea.

When looking at your home, one of the first things that a buyer will see is your front door. Simply updating the color of your door or replacing the handle set will do wonders. You want to make a great first impression and set the mood for the rest of the house with your front door. It gives the buyers a sense of what type of style you set for the house and what they can expect color wise, possibly.

Along the topic of updating the front of your house, possibly installing new outdoor decorative lights to illuminate the front door and porch is a great idea. If the outdoor lights that you currently have are a little outdated or have some wear and tear on them, it might be a great idea to liven them up a bit and purchase and install new ones. Illuminating a path to your front porch and door will be a lot easier on everyone.

When thinking about colors for your home, you want to make sure the exterior and interior do not differ too much. If you must touch up the outside of your home, think about whether you want to change the color or keep the same one and simply do a touch up. They do not have to match exactly but they should complement each other. Making sure you have a good uniform look to your house that both the interior and exterior match well will catch the eyes of potential buyers.

If there are any windows that are damaged in your home, replacing them is a must. Even if the crack is tiny, replace them so you have the best chances of selling your home. Also consider buying new window frames to make sure your house pops to buyers.

One major fix that will help you in the long run is fixing roof problems. If a buyer knows that the roof will need to be replaced soon, that might turn them away. The last thing a buyer wants to do is spend even more money after buying a home and fixing a roof can be expensive. Even though it is a big hunk of money to spend fixing roof problems, it may be a good idea. Who knows, you may only have to replace damaged shingles.

You want to make sure that your house not only looks amazing on the inside but also on the outside. Fixing exterior problems will help you in the long run when trying to sell your home.