Inventory is at a record low across the country. NAR reports there are fewer homes on the market today than since 1982. Currently, the total housing inventory is about 1.47 million units, which is a decline of 19.2% from one year ago.
What It Means for Homeowners: These higher home prices show that buyers are willing to spend more on a home right now than they did last year. Representing clients on both sides I can 100% say, if there ever were a time to list for top dollar—and expect to receive asking price or above quickly, It's right now.
What It Means for Homebuyers: Buyers will more than likely find themselves in a bidding war. Time is of the essence in a seller’s market, homes are going under contract in the first weekend in Central Texas, so you’ll need to get your financing in order and be preapproved for a loan before you begin your home search. Be ready to get creative with your offer, don't automatically shy away from appraisal waivers if you can afford it and you want the property, because that maybe what it takes.