The number of homes for sale has plummeted and remained down around 30 percent of what it has been in recent years — leaving the market with nearly twice the demand and two-thirds of the supply, according to Norada Real Estate Investments.
The outrageous demand coupled with record-low mortgage rates has left us with the highest pace of sales growth since the height of the unprecedented housing boom in 2005. In short, home values are growing at their fastest pace in a generation, and are showing no signs of slowing down.
While record-high profits are alluring to many investors, the low levels of inventory on the market could pose new challenges for investors looking to purchase discount properties. Especially in this competitive market, utilizing your team and resources could be the key to finding a profitable opportunity.
At New Western, our agents continue to work tirelessly to do the heavy lifting and match you with deals in your area that meet your investment criteria. We are continuing to acquire new off-market properties and are meeting with investors, either virtually or from a safe physical distance, to bring you more opportunities.