The quantity of properties that are available for sale in the United States, including in New York, has reached historic lows. This is a major reason that many buyers may be struggling to find affordable homes. On the flip side, this may be great news for residential real estate sellers, who may be able to unload their properties at higher prices than they could have in years past.
The number of houses available for sale back in January was just 6.2 million. This is a major drop from the more than 14 million homes that were available in early Jan. 2009. In fact, the current levels of inventory in the United States are similar to the levels recorded back in the 1960s, when the government began to collect data and the nation had about half of its present population.
The smaller number of houses for sale today means less selection, more bidding battles and larger price hikes. This is happening in nearly 40 of the nation’s 50 biggest markets, so it is not an isolated issue. Experts say that the growing economy is to blame for the current housing shortage, as it has increased the demand for housing at a time when many builders have already left the industry due to the recession that occurred, starting in 2008.
Now might be a good time to put a house on the market. Of course, the process can seem intimidating for those who have never been through the process before, especially from a legal standpoint. Fortunately, an attorney can guide sellers through their residential real estate transactions so that they achieve the best personal outcomes possible in the current market in New York.