LOW INVENTORY WITH HIGH DEMAND LEAVES MARKET UNBALANCED
SCOTTSDALE, Ariz. – We’ve all heard it said in the past few months, but it still rings true; the market right now is crazy! With interest rates at an all-time low and the increased amount of companies switching to remote offices, first-time homebuyers are diving into real estate now more than ever.
The average “lifespan” of a house on the market is historically low. Given the current economy, some houses spend only days on the market. With demand high and inventory low, where does that leave home buyers and agents?
My Home Group agent, Torie Ellens, has 19 years of experience in real estate. With two and a half years of being an agent with My Home Group, Ellens has proved to be successful by being an individual top performer and top team leader. In August, she secured the No. 2 spot on the MHG agent leaderboard and her team took home 8th. With her wide range of experience in real estate, Ellens believes that the market truly is unbalanced.
“Not only are we seeing historically low-interest rates in the $200,000 to low $300,000 range, but we are also seeing historically low inventory levels. Our current inventory shows a 1.43 supply of inventory when we like to see three months to be a balanced market,” Ellens said.
She attributed her and her team’s performance in the challenging market to “hard work, market data, knowledge, and providing specific facts while working hard for our clients.”
Like Ellens, My Home Group agents are learning to adapt to the ever-changing market. The brokerage and it’s Power Partners offer MHG agents multiple resources to gather data, collaborate with other agents, and educate themselves on ways to keep up with market trends. Despite the changes and the challenges facing homebuyers and agents, My Home Group has continued to press forward and shatter records.
As the 2020 year enters the fourth quarter, agents and industry professionals look for clues on what the 2021 market will bring. For now, agents look to stay educated, focused, and quickly adapt as they look to close out the rest of the year strong and prepare for what is to come.