{"id":1994,"date":"2017-11-06T11:00:37","date_gmt":"2017-11-06T11:00:37","guid":{"rendered":"https:\/\/thezakariagroup.com\/low-inventory-causes-home-prices-to-maintain-fast-growth\/"},"modified":"2017-11-06T11:00:37","modified_gmt":"2017-11-06T11:00:37","slug":"low-inventory-causes-home-prices-to-maintain-fast-growth","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/low-inventory-causes-home-prices-to-maintain-fast-growth\/","title":{"rendered":"Low Inventory Causes Home Prices to Maintain Fast Growth"},"content":{"rendered":"<div>\n<p><img fetchpriority=\"high\" decoding=\"async\" width=\"648\" height=\"354\" src=\"http:\/\/d39ah2zlibpm3g.cloudfront.net\/wp-content\/uploads\/2017\/11\/03153054\/20171106-Share-STM.jpg\" class=\"webfeedsFeaturedVisual wp-post-image\" alt=\"Low Inventory Causes Home Prices to Maintain Fast Growth | Simplifying The Market\" style=\"display: block; margin-bottom: 5px; clear:both;max-width: 100%;\" srcset=\"http:\/\/d39ah2zlibpm3g.cloudfront.net\/wp-content\/uploads\/2017\/11\/03153054\/20171106-Share-STM.jpg 750w, http:\/\/d39ah2zlibpm3g.cloudfront.net\/wp-content\/uploads\/2017\/11\/03153054\/20171106-Share-STM-549x300.jpg 549w\" sizes=\"(max-width: 648px) 100vw, 648px\"><\/p>\n<p>The\u00a0<em>National Association of Realtors\u00a0<\/em>(NAR) released their latest\u00a0<a href=\"http:\/\/www.realtor.org\/topics\/metropolitan-median-area-prices-and-affordability\"><em>Quarterly Metro Home Price\u00a0Report<\/em><\/a> last week. The report revealed that severely lacking inventory across the country drained sales growth and kept home prices rising at a steady clip in nearly all metro areas. Home prices rose 5.3% over the last quarter across all metros.<span id=\"more-36450\"><\/span><\/p>\n<p>Lawrence Yun, <em>Chief Economist at NAR<\/em>, discussed the impact of low inventory on buyers in the report:<\/p>\n<blockquote>\n<p><em>\u201cUnfortunately, the pace of new listings were unable to replace what was quickly sold. Home shoppers had little to choose from, and many had to outbid others in order to close on a home. The end result was a slowdown in sales from earlier in the year, steadfast price growth and weakening affordability conditions.\u201d <\/em><\/p>\n<\/blockquote>\n<h4><strong>What this means to sellers<\/strong><\/h4>\n<p>Rising prices are a homeowner\u2019s best friend. As reported by\u00a0the<em> Washington Post\u00a0<\/em>in a recent\u00a0<a href=\"https:\/\/www.washingtonpost.com\/news\/where-we-live\/wp\/2017\/05\/30\/low-inventory-and-rising-prices-are-forcing-many-home-buyers-to-become-less-picky\/?utm_term=.220cd5dcfc3b\">article<\/a> post:<\/p>\n<blockquote>\n<p><em>\u201cThe rise in median sales prices has made current homeowners much more willing to sell their home, and that willingness is one of the main drivers behind the inventory that does make it on to the market. While it hasn\u2019t been enough to meet demand, it has made the situation much better, compared with even three or four years ago.\u201d<\/em><\/p>\n<\/blockquote>\n<h4><strong>What this means to buyers<\/strong><\/h4>\n<p>In a market where prices are rising, buyers should take into account the cost of waiting. Obviously, they will pay more for the same house later this year or next year. However, as <em>Construction Dive<\/em> reported, the amount of cash needed to purchase that home will also increase.<\/p>\n<blockquote>\n<p><em>\u201cThese factors have created a situation where the market keeps moving the goalposts in terms of the down payment necessary for first-time homebuyers to get into a home.\u201d<\/em><\/p>\n<\/blockquote>\n<h3><strong>Bottom Line<\/strong><strong>\u00a0<\/strong><\/h3>\n<p>If you\u2019re thinking of selling and moving down, waiting might make sense. If you are a first-time buyer or a seller thinking of moving up, waiting probably doesn\u2019t make sense.<\/p>\n<\/div>\n<p class=\"wpematico_credit\"><small>Powered by <a href=\"http:\/\/www.wpematico.com\" target=\"_blank\">WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The\u00a0National Association of Realtors\u00a0(NAR) released their latest\u00a0Quarterly Metro Home Price\u00a0Report last week. The report revealed that severely lacking inventory across the country drained sales growth and kept home prices rising at a steady clip in nearly all metro areas. Home prices rose 5.3% over the last quarter across all metros. Lawrence Yun, Chief Economist at [&hellip;]<\/p>\n","protected":false},"author":101010,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[98,99,100,101,108],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Low Inventory Causes Home Prices to Maintain Fast Growth - The Zakaria Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thezakariagroup.com\/low-inventory-causes-home-prices-to-maintain-fast-growth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Low Inventory Causes Home Prices to Maintain Fast Growth - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"The\u00a0National Association of Realtors\u00a0(NAR) released their latest\u00a0Quarterly Metro Home Price\u00a0Report last week. 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