This spring won't be easy for homebuyers and their agents, but history is full of examples in which the supply of homes went down, but sales kept chugging along, according to an Inman analysis
This is the second part in a multistory series on the spring housing market and what different chapters from history might tell us about the present. Read Part 1 here, and check back Friday for the next installment. Also, join us from Aug. 8-10 for Inman Connect Las Vegas, where we’ll discuss how the spring played out.
Earlier this month, on the first day of spring, Inman’s editorial staff hit the phones.
Over the course of a single morning, reporters reached out to more than a dozen real estate agents across the country to find out what was happening in their markets as the spring began. And the responses were nearly unanimous: Things were busy. One agent even compared current conditions to 2021, which of course was a banner year for the housing business.
“We’re very thankful that we are busy,” she explained. “But it’s different than normal. We’re busy, but not as busy as normal.”
McQuaid said that concerns about the banking industry may keep people on the sidelines in her market this spring, and that snowbirds — the older seasonal migrants that make up a significant portion of the market in Naples — are sticking around in their properties later in the year, meaning fewer such homes are likely to hit the market. And of course, homeowners with mortgages won’t want to lose their low rates this spring.
“I suspect we’re also going to be plagued with kind of a wait-and-see type of buyer,” McQuaid speculated about the coming months.
Such comments echo those of other industry professionals who have recently spoken about facing a busy market, albeit one with fewer available houses than might be ideal.
Read the full article here: https://www.inman.com/2023/03/29/will-an-inventory-shortage-stymie-spring-look-to-1994-for-a-few-clues/
