Harris County GA | Low Inventory Causes Home Prices to Maintain Fast Growth

November 08, 2017

Low Inventory Causes Home Prices to Maintain Fast Growth | Simplifying The Market

Harris County GA | Low Inventory Causes Home Prices to Maintain Fast Growth

Lawrence Yun, Chief Economist at NAR, discussed the impact of low inventory on buyers in the report:

“Unfortunately, the pace of new listings were unable to replace what was quickly sold. Home shoppers had little to choose from, and many had to outbid others in order to close on a home. The end result was a slowdown in sales from earlier in the year, steadfast price growth and weakening affordability conditions.”

What this means to sellers

Rising prices are a homeowner’s best friend. As reported by the Washington Post in a recent articlepost:

“The rise in median sales prices has made current homeowners much more willing to sell their home, and that willingness is one of the main drivers behind the inventory that does make it on to the market. While it hasn’t been enough to meet demand, it has made the situation much better, compared with even three or four years ago.”

What this means to buyers

In a market where prices are rising, buyers should take into account the cost of waiting. Obviously, they will pay more for the same house later this year or next year. However, as Construction Divereported, the amount of cash needed to purchase that home will also increase.

“These factors have created a situation where the market keeps moving the goalposts in terms of the down payment necessary for first-time homebuyers to get into a home.”

Bottom Line 

If you’re thinking of selling and moving down, waiting might make sense. If you are a first-time buyer or a seller thinking of moving up, waiting probably doesn’t make sense.

If you have any questions about Harris County GA, the schools, amenities or the surrounding community, don’t hesitate to give me a call at 706.662.0125. I will be happy to help you. I specialize in Harris County GA and our also live here.

To reach me, please call 706.662.0125
Or send me an email to: bunn947@gmail.com
Thinking of selling your home? Let John take over the marketing of your property!

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