Housing Challenge or Housing Opportunity? It Depends.

The biggest challenge in real estate today is the lack of available homes for sale. The low housing supply has caused homes throughout the country to appreciate at a much faster rate than what we’ve experienced historically.

There are many reasons for the limited number of homes on the market, but as you can see in the graph below, we’re well below where we’ve been for most of the past 10 years. Today, across the country, there is only a 2.1 months supply of homes available for sale. The graph below is the Months Supply of Homes in the Halifax Dartmouth Area.

The Opportunity 

This lack of homes for sale is creating a challenge for many buyers who are growing frustrated in their search. On the other hand, this is a huge opportunity for sellers as low supply is driving up home values. According to CREA  the average home has appreciated by more than 28.8%! And for many homeowners, that’s opening new doors as they re-think their needs and use their equity to move up or downsize.

The average House price has increased by 28.8% in the Halifax Dartmouth Area.

Today, many sellers are taking advantage of low interest rates and the extra equity they have in their homes to make a move.

With nowhere to go many home sellers fear selling their homes just to find themselves homeless. But with such pent-up demand, many buyers are recognizing this need and offering sellers to stay in place and rent the house until they find a new one, thus allowing sellers to get a hold of their home equity immediately upon closing.  There are many ways to make a move happen for sellers even in this low inventory market.

Bottom Line

The biggest challenge in real estate is the lack of homes for sale, but this challenge is also an opportunity for sellers. If you’re thinking about selling your house, let’s connect to start the process.