End In Sight For Historic Housing Shortage

Dated: 04/13/2018

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One of the biggest challenges facing buyers in the Whatcom and Skagit County markets right now is actually finding a home. According to Realtor.com's recent Housing Shortage Report, the US is experiencing its most severe, worst inventory shortage in twenty years, and we're certainly feeling it here in Bellingham. That lack of inventory is driving up prices, making it an ideal market for sellers. In Whatcom and Skagit Counties this past year, we witnessed many homes going for well above asking price because there simply isn't enough supply to meet the demand.

But it looks like the end of this historic housing shortage may by on the horizon. In a recent article on housing trends, the economics team at Realtor.com predicted the second half of 2018 would see a major uptick in inventory thanks to new construction. And according to the same article, if inventory increases as predicted, that could mean the first net inventory gain in over three years.

Related:
  Facts And Factors What Affects Home PricesWhy You Need An Agent For New Construction

 

The Takeaway

If you're thinking about selling, now is the time to make a move. When the market cools down and there are more homes available, buyers are going to have more options—and the price you could get for your home in fall 2018 may be significantly lower than what it would fetch today.

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Pete Hallett

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