Housing inventory is a catch-all term for a lot of different market stats. Here’s what you need to know.
You hear about the housing inventory on the news all the time, but what does the term really mean? Our housing inventory is basically the number of houses on the market, the average length of time a house spends on the market before it’s sold, and whether it’s a stronger market for buyers or sellers based on those numbers.
As a homebuyer, these numbers can help you get a better handle on what your purchasing power is and what your negotiation power is.
For sellers, these numbers tell you how long you can expect your home to be on the market before selling and how many buyers you’re likely to attract.
We can break this down even further. When we talk about good inventory, we’re talking about a lot of options for buyers, which gives them more negotiation power. For sellers, when we have low inventory and a lot of buyers, that is “good inventory” for them.
If you have questions about these statistics or anything else related to real estate, don’t hesitate to reach out and give me a call or send me an email. I look forward to hearing from you soon.