Why Your House Will Shine in Today’s Market

Even though there are more homes available for sale than there were at this time last year, there are still more buyers than there are houses to choose from. So, know that if you’ve got moving on your mind, your house can really stand out.

There are several key reasons why there aren’t enough homes to go around and understanding them will help you see why the market is working in your favor if you’re ready to make a move.

What’s Causing the Shortage?

1. Underproduction of Homes: For years, the industry hasn’t built enough homes to keep up with demand. As Zillow explains:

“In 2022, 1.4 million homes were built — at the time, the best year for home construction since the early stages of the Great Recession. However, the number of U.S. families increased by 1.8 million that year, meaning the country did not even build enough to make a place for the new families, let alone begin chipping away at the deficit that has hampered housing affordability for more than a decade.”

2. Rising Costs: Building materials, labor shortages, and supply chain disruptions caused by the pandemic have all made it harder and more expensive to build homes. This can either limit or stop new home construction in some areas.

3. Regional Imbalances: Some markets are more affected by the shortage of homes than others. Popular and more desirable areas have more people moving in faster than new homes can be built. The number of new building permits issued doesn’t always keep pace with job growth in these regions, and that leads to even tighter markets and higher prices.

How Big Is the Problem?

According to estimates from Real Estate News, the U.S. is facing a housing shortfall of roughly 3.3 million homes, based on an average of several expert insights (see graph below):

This shows there’s a significant number of homes that need to be built just to meet current demand from buyers. But what about future demand?

According to John Burns Research and Consulting (JBREC), over the next 10 years, the U.S. will need about 18 million new homes to meet projected demand, including homes for new households, second homes, and replacements for aging or unusable homes.

So, even though more homes are on the market compared to last year, there still aren’t enough of them to go around. This is where you can really win if you’re ready to sell your house.

 

What You Need To Remember

If you’re thinking about selling, the shortage of homes for sale means your house is likely to get some serious attention from buyers. It’ll take years to climb out of this inventory deficit, and the market is still very tight. So, when buyers are competing for relatively few homes like they are right now, that creates more interest in the houses that are on the market, putting upward pressure on prices and ultimately working in your favor.

And since every market is different, it’s important to work with a real estate agent who understands local trends. They can help you price your house right and create a strategy to attract the right buyers.

Bottom Line

While there are more homes for sale than there were at this time last year, there’s still a shortage overall. And this puts you in the driver’s seat as a seller. Let’s connect so you have someone who can help you take advantage of today’s market.

If you have any questions about how these trends might impact your plans, let’s connect. That way you’ve got someone to help you navigate the market and make the most of the opportunities ahead.

Michael Mahoney
617-615-9435
mike@mmahoney.com
MA. License #9051300
Real Broker LLC License #423031

☎️ 📆 Schedule a Call with Mike Now

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I am Michael Mahoney, a full time Realtor in Greater Boston focused on Norfolk & Suffolk Counties. I have been helping people fulfill the “American Dream” through home ownership, real estate wealth building, and real estate investment for over 2 decades.

My goal is to help people “go from the life they have to the life they dream about” using real estate as means to build wealth and financial security. If you want to make a change, I help people go from the “what if” to the “what is”.

I work in all price points. The majority of my business is repeat clients and the referral of clients from all over Eastern Massachusetts.

I view my role as the advisor who helps people go from the life they have to the life they dream about. I help people go from the “what if” to the “what is”

I have sold everything from mobile homes to amazing estates. I have sold hundreds of homes, multi families and condos in almost every town in Suffolk and Norfolk County. I also sell homes in Plymouth, Bristol and Middlesex Counties. When asked what my specialty is, I often joke and say “from section eights to great estates”.

There is no property too small or too large in the residential space that I would shy away from.

All of my personal sales and marketing endeavors are supported by top-of-the-line personal market research completed carefully with expertise in order to create strategically targeted marketing collateral and campaigns for clients. I personally have a stand by commitment of 7-days a week for my clients. I aim to cultivate my own reputation for quality, professionalism and your results.

From selling hundreds of homes in Greater Boston comes experience and situational awareness that can only be developed over time which is a tremendous value to clients.