The big story in real estate over the past couple years is just how little there is on the market. Buyers, particularly in the lower price points, are finding few homes from which to choose, and frequently end up in bidding wars, driving up prices.
Obviously this is great for sellers, but it makes for a tough environment if you need a place to live!
But new data seems to show a light at the end of the tunnel. Nationally, year-over-year inventory has begun to tick up. Markets such as Sacramento, Phoenix, and Las Vegas are showing this.
Here in Ocala/Marion County, the main segments where we'd like to see more inventory are in homes under $200k.
Our area is seeing a very competitive market under $200k, particularly below $150k, where we're seeing fewer than 5 months inventory.
It's a similar story with our neighbors to the north in Gainesville, with homes under $300k being hard to find:
With the new tax law taking effect in 2018, coupled with rising interest rates, it could bring the market more into balance -- fewer buyers looking & more sellers selling. This would be a very good thing for home buyers, particularly at the lower price points.