Housing Challenge or Housing Opportunity? It Depends.

<article class="post-70805 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-70805"><span class="entry-date">October 29, 2021</span><div class="entry-header center-block text-center"><h1 class="entry-title">Housing Challenge or Housing Opportunity? It Depends.</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=Housing+Challenge+or+Housing+Opportunity%3F+It+Depends.&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fhousing-challenge-or-housing-opportunity-it-depends%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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<p><img alt="Housing Challenge or Housing Opportunity? It Depends. | Simplifying The Market" class="webfeedsFeaturedVisual wp-post-image" decoding="async" link_thumbnail="" loading="lazy" sizes="auto, (max-width: 549px) 100vw, 549px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2021/10/26133446/20211027-KCM-Share-549×300.jpg" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2021/10/26133446/20211027-KCM-Share-549×300.jpg 549w, https://files.simplifyingthemarket.com/wp-content/uploads/2021/10/26133446/20211027-KCM-Share.jpg 750w" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" width="358"/></p>
<p>The biggest challenge in real estate today is the lack of available homes for sale. The low housing supply has caused homes throughout the country to appreciate at a much faster rate than what we’ve experienced historically.<span id="more-45400"></span></p>
<p>There are many reasons for the limited number of homes on the market, but as you can see in the graph below, we’re well below where we’ve been for most of the past 10 years. Today, across the country, there is only a <a href="https://www.nar.realtor/newsroom/existing-home-sales-ascend-7-0-in-september">2.4-month</a> supply of homes available for sale.<a href="https://files.simplifyingthemarket.com/wp-content/uploads/2021/10/26133447/20211027-MEM-Eng-1.png"><img alt="Housing Challenge or Housing Opportunity? It Depends. | Simplifying The Market" class="aligncenter wp-image-45402" decoding="async" height="488" loading="lazy" sizes="auto, (max-width: 650px) 100vw, 650px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2021/10/26133447/20211027-MEM-Eng-1.png" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2021/10/26133447/20211027-MEM-Eng-1.png 1000w, https://files.simplifyingthemarket.com/wp-content/uploads/2021/10/26133447/20211027-MEM-Eng-1-400×300.png 400w" width="650"/></a></p>
<h4>
<strong>The Opportunity</strong><strong> </strong><br/>
</h4>
<p>This lack of homes for sale is creating a challenge for many buyers who are growing frustrated in their search. On the other hand, this is a huge opportunity for sellers as low supply is driving up home values. According to <a href="https://www.corelogic.com/intelligence/homeowner-equity-insights/"><em>CoreLogic</em></a>, the average home has appreciated by more than $50,000 over the <a href="https://www.simplifyingthemarket.com/2021/10/22/your-home-equity-is-growing-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2">past year</a>. And for many homeowners, that’s opening new doors as they re-think their needs and use their equity to move up or downsize.</p>
<p>According to <a href="https://twitter.com/DrFrankNothaft/status/1450526459483807749">Dr. Frank Nothaft</a>, Chief Economist at <em>CoreLogic</em>:</p>
<blockquote>
<p><em>“The average homeowner with a mortgage has <strong>more than $200,000 in home equity</strong> as of mid-2021.” </em></p>
</blockquote>
<p>Today, many sellers are taking advantage of low interest rates and the equity they have in their homes to make a move.</p>
<h3><strong>Bottom Line</strong></h3>
<p>The biggest challenge in real estate is the lack of homes for sale, but this challenge is also an opportunity for sellers. If you’re thinking about selling your house, let’s connect to start the process.</p>
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