{"id":3270,"date":"2020-11-17T05:00:22","date_gmt":"2020-11-17T11:00:22","guid":{"rendered":"https:\/\/nwiloanguy.com\/blog\/homes-for-sale-are-rapidly-disappearing\/"},"modified":"2020-11-17T05:00:22","modified_gmt":"2020-11-17T11:00:22","slug":"homes-for-sale-are-rapidly-disappearing","status":"publish","type":"post","link":"https:\/\/nwiloanguy.com\/blog\/homes-for-sale-are-rapidly-disappearing\/","title":{"rendered":"Homes for Sale Are Rapidly Disappearing"},"content":{"rendered":"<p><img data-recalc-dims=\"1\" decoding=\"async\"  src=\"https:\/\/i0.wp.com\/files.simplifyingthemarket.com\/wp-content\/uploads\/2020\/11\/13103945\/20201117-KCM-Share-549x300.jpg?w=358&#038;ssl=1\" class=\"webfeedsFeaturedVisual wp-post-image\" alt=\"Homes for Sale Are Rapidly Disappearing | Simplifying The Market\" loading=\"lazy\" style=\"margin-bottom: 5px;clear:both;max-width: 100%\" \/><\/p>\n<p>Through all the challenges of 2020, the real estate market has done very well, and purchasers are continuing to take advantage of historically low mortgage rates. <em>Realtor Magazine<\/em> just <a href=\"https:\/\/magazine.realtor\/daily-news\/2020\/11\/03\/hot-housing-market-likely-won-t-cool-in-winter\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">explained<\/a>:<span id=\"more-43365\"><\/span><\/p>\n<blockquote>\n<p><em>\u201cWhile winter may be typically a slow season in real estate, economists predict it isn\u2019t likely to happen this year\u2026Low inventories combined with high demand due to record-low mortgage rates is <strong>sending buyers to the market in a flurry<\/strong>.\u201d<\/em><\/p>\n<\/blockquote>\n<p>However, one challenge for the housing industry heading into this winter is the dwindling number of homes available for sale. Lawrence Yun, <em>Chief Economist<\/em> for the <em>National Association of Realtors <\/em>(NAR), recently <a href=\"https:\/\/www.nar.realtor\/research-and-statistics\/housing-statistics\/existing-home-sales\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">said<\/a>:<\/p>\n<blockquote>\n<p><em>&#8220;There is no shortage of hopeful, potential buyers, but <strong>inventory is historically low<\/strong>.\u201d<\/em><\/p>\n<\/blockquote>\n<p>In addition, Danielle Hale, <em>Chief Economist<\/em> for <em>realtor.com,<\/em> <a href=\"https:\/\/www.realtor.com\/research\/weekly-housing-trends-view-data-week-nov-7-2020\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">notes<\/a>:<\/p>\n<blockquote>\n<p><em>\u201cFewer new sellers coming to market while a greater than usual number of buyers continue to search for a home causes <strong>inventory to continue to evaporate<\/strong>.\u201d<\/em><\/p>\n<\/blockquote>\n<p>One major indicator the industry uses to measure housing supply is the <em>months\u2019 supply of inventory<\/em>. According to <a href=\"https:\/\/www.nar.realtor\/blogs\/economists-outlook\/inventory-and-months-supply\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">NAR<\/a>:<\/p>\n<blockquote>\n<p><em>\u201cMonths\u2019 supply refers to the number of months it would take for the current inventory of homes on the market to sell given the current sales pace.\u201d <\/em><\/p>\n<\/blockquote>\n<p>Historically, six months of supply is considered a normal real estate market. Going into the pandemic, inventory was already well below this mark. As the year progressed, the supply has was reduced even further. Here is a graph showing this measurement over the last year:<a href=\"https:\/\/i0.wp.com\/files.simplifyingthemarket.com\/wp-content\/uploads\/2020\/11\/13103946\/20201117-MEM-Eng-1.jpg?ssl=1\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><img data-recalc-dims=\"1\" decoding=\"async\" loading=\"lazy\" class=\"aligncenter wp-image-43367\" src=\"https:\/\/i0.wp.com\/files.simplifyingthemarket.com\/wp-content\/uploads\/2020\/11\/13103946\/20201117-MEM-Eng-1.jpg?resize=650%2C488&#038;ssl=1\" alt=\"Homes for Sale Are Rapidly Disappearing | Simplifying The Market\" width=\"650\" height=\"488\" \/><\/a><\/p>\n<h4><strong>What does this mean if you\u2019re a buyer?<\/strong><\/h4>\n<p>Be patient during your home search. It may take time to find a home you love. Once you do, be ready to move forward quickly. Get <a href=\"https:\/\/www.simplifyingthemarket.com\/2020\/08\/27\/why-is-it-so-important-to-be-pre-approved-in-the-homebuying-process\/?a=375140-ca8522ad04357da9549c08492a932f70\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">pre-approved<\/a> for a mortgage, be prepared to make a competitive offer from the start, and understand how the shortage in inventory has led to more <a href=\"https:\/\/www.simplifyingthemarket.com\/2020\/10\/16\/how-to-prepare-for-a-bidding-war-infographic\/?a=375140-ca8522ad04357da9549c08492a932f70\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">bidding wars<\/a>. Calculate just how far you\u2019re willing to go to secure a home if you truly love it.<\/p>\n<h4><strong>What does this mean if you\u2019re a seller?<\/strong><\/h4>\n<p>Realize that, in some ways, you\u2019re in the <a href=\"https:\/\/www.simplifyingthemarket.com\/2020\/10\/14\/the-1-reason-not-to-wait-to-list-your-house-for-sale\/?a=375140-ca8522ad04357da9549c08492a932f70\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">driver\u2019s seat<\/a>. When there\u2019s a shortage of an item at the same time there\u2019s a strong demand for it, the seller is in a good position to negotiate. Whether it\u2019s the price, moving date, possible repairs, or anything else, you\u2019ll be able to ask for more from a potential purchaser at a time like this \u2013 especially if you have multiple interested buyers. Do not be unreasonable, but understand you probably have the upper hand.<\/p>\n<h3><strong>Bottom Line<\/strong><\/h3>\n<p>The housing market will remain <a href=\"https:\/\/www.simplifyingthemarket.com\/2020\/11\/12\/winter-will-bring-a-flurry-of-activity-to-the-housing-market\/?a=375140-ca8522ad04357da9549c08492a932f70\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">strong<\/a> throughout the winter and heading into the spring. Know what that means for you, whether you\u2019re buying, selling, or doing both.<\/p>\n<p>Source: New feed<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Through all the challenges of 2020, the real estate market has done very well, and purchasers are continuing to take advantage of historically low mortgage rates. Realtor Magazine just explained: \u201cWhile winter may be typically a slow season in real estate, economists predict it isn\u2019t likely to happen this year\u2026Low inventories combined with high demand [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3271,"comment_status":"false","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_10157519356927224_105287467588662":"","twitter_15771620_15771620":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[54],"class_list":{"0":"post-3270","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-local-info","8":"tag-100-financing","9":"entry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Homes for Sale Are Rapidly Disappearing&#8212;NWI Loan Guy Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nwiloanguy.com\/blog\/homes-for-sale-are-rapidly-disappearing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Homes for Sale Are Rapidly Disappearing&#8212;NWI Loan Guy Blog\" \/>\n<meta property=\"og:description\" content=\"Through all the challenges of 2020, the real estate market has done very well, and purchasers are continuing to take advantage of historically low mortgage rates. 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