Inventory is low; it’s like selling apples from an empty apple cart!
On a national level there is only 2.7 months of housing inventory
In the Billings and surrounding area there is only 3 weeks of inventory. If inventory stays low this will push the average price of the homes on the market. Average home price will rise 3-5% this next year. Economists are forecasting home sales rising 5-10% as job recovery continues with record low mortgage rates.
In our local, Yellowstone County, market a single-family home is on the market on average 53 days.
Let’s visit the 7 trends we have seen during the pandemic from both buyers and sellers.
7 Trends Among Buyers Since the Pandemic
- Multigenerational homes grow in popularity – Homeowners with more kids at home and/or parents living with them
- Homes are pricier
- Shorter house tenures are expected – Average time in home used to be 4.2 years, then it expanded to 9.2 years, we are starting to shorten that time again.
- More renters become owners
- Buyers show love to suburbia
- Searches speed up – Buyers are moving their searches along quicker, through the internet and their real estate agent.
- Certain buying segments grow – We are seeing high end and vacation home sales increase. People now working remote from their vacation homes or vacation spots (longer term vacations)
7 Trends Among Sellers Since the Pandemic
- Looking to upsize – Satisfy the need for home office or additional generations
- Feeling a sense of urgency
- Technology becomes more necessary
- Incentives haven’t disappeared
- Equity Gains – $1 Trillion in home equity gain on the national level and $17,000 per home average on the individual level
- Long-timers appear more motivated to move
- Desire to live close to family remains strong
Trends from National Association of Realtors
A few other common trends – more interest in rural properties, people seeking warmer climates and people moving to states who share the same values and ideology.
Interested in relocating an hour or 2 away or another state? Contact us for the Full Real Estate Report. We are here to answer your questions.
As your trusted Real Estate Advisor and Enrolled Agent, let me help guide you through the process.
Call me with questions,
Melissa Zimmermann, EA, Broker Owner
An Investment You Can Live In