Is the real estate housing shortage really impacting our area?

YES it is!

As summer weather is winding down, the flurry of buyer activity certainly is not.  The only mismatch to this “perfect storm” of buyer demand and historic low interest rates is the lack of inventory across most markets.  Lawrence County is no exception. 

For the sake of comparison, let’s say you have an unlimited budget and want to purchase a home in a particular area or school district.  I have noted the number of total homes available in that area in the chart below.  Taking a step further, most buyers have certain basic criteria that must be met.  That criteria can vary from the number of bedrooms and baths to the need for a garage or basement just to name a few.  Now you have dwindled a limited supply to very few available homes that meet a homebuyer’s basic criteria and budget.  This lack of inventory is leading to many multiple-offer situations and homes bidding above asking price….yes, even in New Castle. 

Let’s put these numbers and the local Lawrence County home supply shortage into perspective (siting an article published by realtor dotcom earlier this year).  “ A balanced market typically equates to 6-7 months of supply; while a buyer’s market equates to 7 months of supply and above; and a seller’s market equates to 6 months of supply and under.”   The current national average of available home supply is at 3.3 months.  As you can see, all of the areas in our local market are at or below the national average of supply and are well short of a healthy average supply. 

Are you thinking of selling? 

In this market, homes can garner maximum attention and selling price, especially those that are marketed to highlight their best features.  That is my expertise….to offer the best marketing and guidance around to find your ideal buyer.   To receive a quick online home valuation and monthly market updates, click the blue button below or click HERE.

Hire me as your real estate agent/matchmaker

If you are looking to buy a home and are experiencing the frustration of not being able to find “the one”, hire me as your real estate agent/matchmaker.  I will seek out the home you are looking for, even if it isn’t on the market yet!  To check out available and coming soon listings of single family homes in the Lawrence County market, visit my page.

If you are looking to hire an agent that takes studious care in her knowledge of the current, local real estate market and a HIGHLY PROACTIVE role is helping you buy or sell, call me, Caren Foy of Keller Williams Realty at 724-944-6655.  I am your real estate “matchmaker”, offering Real Estate Results With “CARE”!