By now you are probably getting tired of hearing me say this, but I need to say something on this blog to justify its existence. So here’s what I’m about to say.
The available inventory of homes, even though I’ve been saying it’s at its lowest level in a long long time, is now even lower.
That’s right. There are less homes on the market now then there has been for a long, long time. It’s much lower than the inventory that was available last year.
And guess what? Mortgage rates are still low, despite the Federal Reserve having raised the rates recently and promising to raise them again. Interest rates are still right around 4%. Buyers are saying the rates will be going up, and this is telling them that they need to move now.