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Inventory | Beach Road Realty Inc Blog

Monday, January 15, 2024   /   by Richard Eimers

HOUSING SUPPLY SHORTAGE PERSISTS: IMPLICATIONS FOR BUYERS AND SELLERS

The persistent housing supply shortage has sparked speculation on whether homebuyers can expect more options in the coming year. NAR economist Yun is optimistic, anticipating that pent-up sellers, weary of waiting, will soon list their properties. He envisions a steady increase in listings and continued success in new home sales.
However, not all experts align with this view. Realtor.com economists forecast a potential 14% drop in inventory this year. The shortage is compounded by a decline in existing homes for sale and a significant drop in single-family housing starts in 2023 and 2022.
Despite the challenges, newly-built homes have played a crucial role, constituting one-third of all homes for sale in 2023—double the historical average. Yet, it's acknowledged that new construction alone won't bridge the inventory gap.
Chief Economist Mark Fleming from First American Financial Corporation highlights a U.S. shortfall of approximately one million homes. He suggests that condit ...

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Monday, January 15, 2024   /   by Richard Eimers

LOWER RATES REVIVING REAL ESTATE MARKET

In recent years, soaring mortgage rates have chilled the enthusiasm of homebuyers and deterred potential sellers from entering the market due to the prospect of higher loan costs.
This prolonged period of cautious waiting has led to a notable slowdown in the real estate sector. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), estimates a substantial 18% decrease in existing home sales last year, following a 17% decline in 2022.
As financing costs gradually decrease, there's optimism for a resurgence in sales volume. Selma Hepp, Chief Economist at CoreLogic, anticipates a boost in home sales activity in 2024 compared to 2023. The decline in mortgage rates is expected to motivate more sellers to trade their existing homes, alleviating the market's inventory shortage and stimulating increased transactions.
Evidence suggests that homebuyers' patience is waning, even with higher borrowing costs. A recent Bank of America survey indicates a significant drop froms ...

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Monday, January 15, 2024   /   by Richard Eimers

GOOD NEWS FOR HOMEBUYERS: MORE OPTIONS AND QUICK SALES

During the holiday season, while we heard the festive jingles, another sound was resonating - the joyous clinking of keys for newly bought homes. The latest report from Realtor.com® reveals that in December, home shoppers had a whopping 33,251 more real estate listings compared to the same month last year. This marks the second consecutive month of increased homes for sale after a 17-month period of dwindling inventory.

The positive trend includes a 4.9% annual increase in overall inventory, with a significant 9.1% surge in new listings. These fresh options provide a welcome boost to the housing market.

The increase in listings can be attributed to falling mortgage rates. After 17 weeks above 7%, rates dropped below 7% in mid-December, reaching a low of 6.61% on Dec. 28. Lower rates encourage homeowners to explore the market, breaking the trend of staying put due to existing low mortgage rates.

Despite the encouraging numbers, active inventory is still 36% below levels see ...

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Tuesday, October 31, 2023   /   by Richard Eimers

National Association of Realtors: Pending Sales Rise 1.1% in Sept.

It’s a slight gain, but NAR’s chief economist says pending sales “remain at historically low levels.” Year-over-year, pending transactions were down 11%.

WASHINGTON – Pending home sales rose 1.1% in September, according to the National Association of Realtors® (NAR). Three of the four regions tracked – the Northeast, Midwest and South – posted monthly gains in transactions while the West saw a loss. Year-to-year, though, all four regions had transaction declines.
“Despite the slight gain, pending contracts remain at historically low levels due to the highest mortgage rates in 20 years,” says NAR Chief Economist Lawrence Yun. “Furthermore, inventory remains tight, which hinders sales but keeps home prices elevated.”
The Pending Home Sales Index (PHSI) – a forward-looking indicator of home sales based on contract signings – rose 1.1% to 72.6 in September. Year over year, pending transactions declined ...

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Saturday, October 14, 2023   /   by Richard Eimers

Three Things Homebuyers Can Ask for Now

It’s still a seller’s market, but its strength has declined. Buyers now have a little leeway with sellers and notably more bargaining leverage with lenders.

NEW YORK – Despite being challenged by low inventory and high mortgage rates, house-hunters have some bargaining power with lenders who have money to lend yet fewer mortgage applicants. They’re competing for a shrinking pool of homebuyers, which gives applicants a bit more leverage.
Real estate agents say today’s motivated sellers are also more open to certain buyer requests that they probably wouldn’t have entertained a couple of years ago during the pandemic-driven housing boom. Now, to prevent a sale from stalling or slipping through their fingers entirely, they’re more willing to help buyers out with closing costs or to acquiesce when buyers ask for repairs to be done as a condition of sale.
A third money-saving route for homebuyers, according to agents, is to approach sellers, buis ...

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Beach Road Realty Inc
Richard Eimers
17 Roundwood Drive
Inlet Beach, FL
850-259-1798

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