The COVID-19 pandemic has changed how Americans buy, sell and build property. With fewer houses being listed on the market and fewer homes being constructed due to rising costs of raw materials, many home buyers have downsized, moved in with relatives, worked from home or otherwise changed their living spaces to accommodate their needs in this new world.
That doesn’t mean people aren’t still buying homes. Buyers unfamiliar with the market are educating themselves in order to track when and where new listings appear and tip the odds in their favor. One term that is becoming particularly useful to them is “inventory.”
Inventory is a tool real estate agents use to track the number of active property listings in a month. Whenever a seller lists a property or it is contracted as a pending sale, that property becomes part of a region’s inventory. This helps agents and companies predict market trends, including comparing one year’s monthly sales to the previous year’s, whether or not a region is currently a “buyer’s” or “seller’s” market, what median home values are, etc… Tracking inventory allows agents to guide their clients on their home buying journeys and make the best choice possible.
For example, according to Realtor.com, 918 new properties were listed in Orange County last week. If this trend stays consistent, 3,672 listings would appear in the area by August 31st. In addition, the average Orange County home stays on the market for 48 days before it is sold. Therefore, the county’s inventory can be predicted to rise .68% each month. This would be ideal for buyers looking for an edge in a seller’s world: it means, eventually, there would be more listings than not. But we do not live in an ideal world and the market can change without notice, with some months seeing more new listings than others.
Amin Vali Real Estate Investment has the experience to guide you and your family through the unpredictability of seller’s markets. We’d be happy to use our experience to guide you in your home buying journey, no matter what the current inventory is.
Civil Engineer, MBA, Real Estate Agent, Multi-Unit Construction Project Manager in California,
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Realtor in Zutila Inc.