It’s no secret that the spring season is usually the busiest time of the year for the housing market, and while that certainly isn’t expected to change in 2018, some industry pros feel this year could be one of the most competitive markets we’ve seen in years.
According to recent data from realtor.com®, inventory has been on a downslide for 42 consecutive months, and also already down 8.5% compared to just one year ago. Furthermore, homes are also selling faster all across the country, even as home prices continue to increase. In fact, compared to last February, home prices across the U.S. have already jumped another 10%, and this upward climb isn’t expected to drop anytime soon given buyer demand remains strong heading into the busy season.
Along with releasing inventory and home price data, realtor.com® also conducted a survey that revealed roughly 40 percent of active home buyers have already been shopping for a new home for over seven months; 34 percent have been looking for between four and six months; and 26 percent for about three months or less.
In addition, 42 percent of all active home buyers are checking listings websites just like ours every single day, and 33 percent of those buyers are setting price alerts when something pops up that fits their needs and wants in a new place.
So what does all this mean exactly? In a nutshell, it appears home buyers all over are active and ready to make a move—the only problem is finding and securing something that works during record-breaking inventory lows.