As the traditionally fast-moving spring real estate market nears, Mesa and Delta County sellers who will be listing soon have multiple grounds for optimism—with the scarcity of available properties being the most widely publicized. Now it appears that the long-standing national shortage isn’t just continuing it’s widening.
According to an end of the year report from the National Association of Realtors®, buyers in December of last year could find 16.7 percent fewer homes for sale than had been available just one year before. That was in addition to the host of sunny economic conditions (a “soaring stock market, good economy, and low interest rates”) that were further motivating prospective homebuyers. If the number of local listings echoes the national trend, Mesa and Delta County sellers could expect an uptick in competition for this season’s properties.
That was the theme of a lead article in Realtor Magazine. “Home Price Hikes Widen Sellers’ Advantage” foretold the effect constrained inventory is expected to have on this spring’s real estate activity. New research pointed in the same direction: median listing prices have been rising at the same time housing supplies and days-on-market decline. According to move.com, January patterns “set the stage for a competitive homebuying season.”
Although the principles of supply and demand would certainly lead to the same opinion, U.S. News & World Report gave a less ebullient reason to agree. In last year’s “Why You Should Sell Your Home in 2020,” they put out a ‘bird in the hand’ rationale. “Especially if you’re on the fence about selling this year or next,” they wrote, “sell in an environment that’s more predictable…” For homeowners who love their current homes, they advised waiting “five years” before revisiting the idea of selling. But for those nearer to a decision to sell, they had definite advice: “Don’t play the waiting game.”
If you are one of those Mesa and Delta County homeowners having similar thoughts, it looks like selling this season is definitely worth looking into. Do call us!