As with everything supply and demand also impacts the housing economy. In today’s economy, there is still uncertainty because of the pandemic. As we reach the end of 2020, home prices are still on the rise and are predicted to keep on the same path into the new year.
The current housing market is lacking still in inventory. The high demand for housing combined with the lack of inventory is pushing home prices up. Bidding wars are becoming the norm and homebuyers are willing to pay the hefty price tag in today’s real estate market.
According to housing experts, the new year will continue to see home prices rising due to the continued lack of home inventory on the market. Showtime, which tracks the average number of buyer showings on residential properties, reported that buyer showings are up 61.9% this fall compared to the fall of 2019.
“Since the beginning of the COVID pandemic in March, nearly 400,000 fewer homes have been listed compared to last year, leaving a gaping hole in the U.S. housing inventory,” according to ShowingTime.
If you are in the market to purchase a home, reach out to a Realtor. A Realtor will be able to help you navigate the current face-paced housing market.
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