Tight Inventory and Increased Demand

By D. Michael Burke

Happy May, everyone! As we head into summer, the residential real estate market is still very active, but inventory is still very, very tight. If you’ve been thinking about selling but you’ve been unsure as to whether now is the right time to do it, the answer is a resounding yes. There are inventory challenges for buyers, but the right agent can help you structure an offer that will be accepted, so it really does matter who you’re working with. And, if you’re selling and buying, working with an agent who is willing to prospect for you is super important as well. Keep this in mind as you’re making the decision to buy or sell right now. In any case, the Southwest Florida residential real estate market continues to drive up demand, as well as the rest of the nation.

According to a recent article by Florida Realtors, a key factor that’s helping to drive up the housing market is the shortage of single-family homes. For example, Freddie Mac estimates that nationwide, the housing market is approximately 3.8 million homes short of where the country needs to be to meet demand. To put things further into perspective, in 2018, it was estimated that the US was 2.5 million single-family homes short.

The supply-versus-demand gap is still growing, and while single-family housing starts are rising, that number isn’t rising fast enough to meet market demand. However, as mentioned, working with an agent who knows how to structure and offer, and is willing to prospect for you and remain persistent is what you’ll need in this market. If you’re looking to buy or sell a home, our team is here to help you achieve your residential real estate goals. Whether buying or selling, our tools are PROVEN to help you get the most from your transaction