Inventory Update

But it’s safe to say that inventory is still very low. This is causing frustration among buyers in that the best homes are attracting multiple offers again and we are seeing offers going above list price on some homes that are really nice and priced right.

Many “experts” were predicting that inventory would rise through 2017 and 2018 but that hasn’t happened yet. I think we are seeing a bottleneck because many of the potential sellers don’t want to put their home on the market because they are concerned they won’t be able to buy a replacement home right away and they don’t want to do a double-move. Mostly because it’s just so hard to move twice but on top of that the rental market is very tight and finding a short-term rental is really difficult even if they are willing to make the second move. This keeps homes off the market, which further compounds the problem.