Why is NOW
the Time to Build Listing Inventory?
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Posted: 17 Dec 2013 04:00 AM
PST
 Though the
housing market is in the middle of a strong recovery, the one issue that
still remains a challenge is inventory. Demand is currently strong and Frank
E. Nothaft, Chief Economist at Freddie Mac, projects that 2014 will be
the best year for home sales since 2007. We must make sure that the supply of
homes matches this demand.
The Federal Reserve Bank
of San Francisco (FRBSF) recently published
an Economic Letter with their thoughts on housing inventory and where
it may be heading.
Housing Inventory and
Rising Prices
The good news is the FRBSF
research reveals inventory will increase as prices rise:
“Formal statistical
tests indicate that changes in house prices have a causal effect on
inventories and the two series are tied together in a long-run relationship.
This makes sense. All else equal, rising house prices should make homeowners
more willing to sell and inventories should rise.”
We have seen strong price
appreciation in 2013. So why haven’t inventories grown more significantly?
The research is quick to point out:
“This adjustment of
inventories to house price changes may not be instantaneous.”
There may be additional
factors impacting the current situation. Again, back to the research:
“Current homeowners may
be making a rational choice to postpone selling in the hope that prices will
rise further. However, this behavior tends to be short run. In the longer
run, the link between the level of house prices and for-sale inventories is
strong. If prices continue to rise, inventories for sale should eventually
rise too.”
History shows that housing
inventory builds with an increase in house values. This should mean there are
many homeowners getting ready to sell.
If you are a real estate
professional looking to get a jump on building an inventory of salable
listings for 2014, join us Thursday at 2PM EST for our free webinar – The 5 Steps to
Becoming a Listing Machine.
You can reserve your seat here.
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