In the News – Home Sales Would Be Even Stronger If Not For Low Inventory
Sometimes, keeping the inventory of a given product low is a good way to keep demand high and make people feel like they need to purchase the product without a second thought if they should happen to come across it. Just look at what happened with Beanie Babies and Tickle Me Elmos as adults fought over them like hyenas on a wildebeest. There is nothing artificial about the tight inventory of homes, however.
Even with limited supply, 2016 is on pace to be the best year in a decade for home sales, and it would be even better if there were more homes available on the market. Not since 2007 have homes been selling at such a fast rate, according to realtor.com.
According to daily surveys of realtor.com visitors, in June, finding a home that fits the buyers needs was the number one obstacle to making a purchase, as reported by 40 percent of buyers on the site. This complaint makes perfect sense, as there are 13 percent more people on the website looking to buy a home this summer than last, but there are 5 percent fewer homes for sale.
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