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2020
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Sellers Are Returning to the Housing Market

During the pandemic, we have been excited to share updates on the strength of our local housing market. However, we have seen that the number of houses for sale is far below the current demand, and this can present a challenge for buyers. Fortunately, this is changing as we are seeing more and more sellers slowly start to come back into the market, a bright spark for potential buyers. GARDNER, REALTORS CEO Glenn Gardner recently spoke on this upward trend in his interview with Inside New Orleans Magazine saying, “As the months have worn on, the public has realized that the best investment is always one’s home.”


Javier Vivas, Director of Economic Research at realtor.com, further explains:


“Seller confidence has been improving gradually after reaching its bottom in mid-April, and now it appears to have reached an important recovery milestone…After five long months, sellers are back in the housing market.”


As we surge ahead and the economy continues to strengthen, it’s clear that buyers are on the move! But even with the number of homes coming into the market, the available inventory is well below where it needs to be to satisfy this buyer interest. The National Association of Realtors (NAR) reports:


“Total housing inventory at the end of June was up 1.3% from May, but still down 18.2% from one year ago (1.92 million). Unsold inventory sits at a 4.0-month supply at the current sales pace, down from both 4.8 months in May and from the 4.3-month figure recorded in June 2019.”


And things are starting to move fast! Houses today are selling quicker than they’re coming to market. Locally, in the Metro New Orleans area, we have only 2 months of inventory (based on July 20 data) when in reality, we need inventory for six months to keep up. But, as mentioned above, sellers are starting to return to the game. Realtor.com explains:


“The ‘housing supply’ component – which tracks growth of new listings – reached 101.7, up 4.9 points over the prior week, finally reaching the January growth baseline. The big milestone in new listings growth comes as seller sentiment continues to build momentum…After constant gradual improvements since mid-April, seller confidence appears to be reaching an important milestone. The temporary boost in new listings comes as the summer season replaces the typical spring homebuying season. More homes are entering the market than typical for this time of the year.”

 

Why is this good for sellers?


A good time to enter the housing market is when the competition in your area is low, meaning there are fewer sellers than interested buyers. You don’t want to wait for all of the other homeowners to list their houses before you do, providing more options for buyers to choose from. With sellers starting to get back into the market after five months of waiting, if you want to sell your house for the best possible price, now is a great time to do so.
 

Why is this good for buyers?


As we’ve discussed, it can be challenging to find a home in today’s low-inventory environment. But, we are confident that this trend continues as more sellers are starting to put their houses up for sale. In that case, there will be more homes for you to choose from, providing a better opportunity to find the home of your dreams while taking advantage of the affordability that comes with historically low mortgage rates.
 

The Local’s Choice


During challenging times, it’s more important than ever to have a local trusted advisor on your side. 

 
Bottom Line


While we still have a long way to go to catch up with the current demand, inventory is slowly starting to return to the market. If you’re thinking of moving this year, let’s connect today, so you’re ready to make your move when the home of your dreams comes up for sale. With the expert team at GARDNER, REALTORS behind me, I can help you create the life you love!


 
Thank you to Keeping Current Matters for providing this content.
Linda Dennis »
REALTOR
Linda Dennis Cell
504-312-2722
Office
504-443-6464
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