How does housing inventory affect your home’s value? With fewer homes on the market, that affects the demand for those homes, which in turn drives up housing prices.
Over the last few years, we’ve seen a real shortage of homes. Right now, throughout Southwest Indiana, we have just under a three-month supply of homes. In case you don’t know, the typical market supply is right around six months. Anything under that mark would be considered a strong seller’s market. Anything above would be considered a strong buyer’s market.
With our 2.8-month supply of homes, there’s a strong need for additional homes to hit the market. Since there is a huge shortage of available homes, your home might be worth more than what you think.
If you’re looking to get an updated value of what your home may be worth, you’re thinking of refinancing your home, or you plan on selling it soon, give me a call so I can help you with that.
If you have any other questions about our market or have any other real estate topics you’d like me to address, don’t hesitate to reach out to me. I’d be happy to help you.