Why Are There No Homes On The Market This Summer? (And What to Do About It)

There is so much uncertainty in the market this summer.   Between the current economy, tariffs, wars, and natural disasters many potential homebuyers have decided to wait on the sidelines to see how things go. 

Other areas of the country are experiencing a very different market than our area.  Those markets have a lot of homes for sale.  That is mostly due to overbuilding and high prices.  This has slowed buyers from moving forward and they are waiting for prices to come down, which is starting to happen.   You may have seen national news reports on tv and on the internet about these areas.  But this is not what is going on in our current local market.

Right now, the most important factor that is affecting home buyers is the interest rates.  Because they are a lot higher than what most people are used to seeing, it is holding up buyers AND sellers from moving forward with buying or selling.  Because the interest rates are higher, the sellers don’t want to give up their low interest rate to buy their next home.   Because the sellers don’t want to sell, there are less homes on the market for buyers and the prices keep going up.  Also, there were not many new homes being built in our area as in other parts of the country.  That is why our current inventory is very low.  On top of that, we are now well into the summer season and things tend to slow down.  

If you are presently looking for a home (or thinking about starting or restarting to look) you might notice that there are not many for sale – or what we call “low inventory”.

With hardly any homes on the market, you might be wondering what are the best strategies to find a home if you need to or want to move during this time?

I understand that some peopleneed to move for a vast array of life changes – from moving out of their parents’ home, relocating, getting married, having babies, or changing jobs. 

There are ways to still find a great home during this low inventory lull. This season calls for house hunting strategies that are even more proactive and creative than the rest of the year.

So, if you need to move forward with buying a home during this lull in the market, don’t worry!  You can still find a great home! 

Domino Effect on Buyers and Sellers

Remember that low inventory impacts both buyers and sellers. Even if buyers are ready and able to purchase a home (good down payment and good credit!), they have very few homes to see.

And with few homes on the market, there is nowhere for sellers to go if they need to move at this time. See how both of these groups feel the impact of low inventory, which many consider a roadblock to moving forward with their life plans.

However, buyers (and sellers) need to stay positive and use this time of the market to their advantage. No bidding wars and less competition is a huge factor for buyers to keep in mind!

Out-of-the-Box Strategies to Find Your Home Now

To better deal with the lack of supply, there are strategies that can be used during this type of market when the inventory is low to find my clients homes that have to move. Plus, there are some actions you as a buyer need to take on as well. 

For buyers —

• Be very clear about what you are looking for in a home. Having more clarity can help me look for off-market homes for you.  Yes, homes that aren’t officially listed.
• Understand that this isn’t your usual market.  Your plans will still come to fruition; they just may be delayed, but not forever.
• Target a specific area of where you want to live.   Knowing what specific  neighborhood location where you want to live and can help me focus on a strategy to find an off-market home that fits your needs and not having to deal with competition from other buyers.

Matching Buyers to Potential Sellers

When inventory is low, it’s time to get creative and be more proactive in finding a home that’s the right fit and criteria for you.  Matching potential sellers with determined buyers can be a win-win for everyone!

1.) Off-market forums and groups. Posting my buyer clients’ needs and working with other top agents in the area who may have listings that are not on the market yet can be a productive way to find homes.

2.) Reach out to my homeowner clients.  I reach out to past clients who have expressed interest in selling at some point and are prepping their homes for sale. This is another way to find homes that match your criteria. Keeping these potential sellers’ plans moving forward can help bring more homes to the market.

3.) Letter writing campaign.  For my buyers who want to live in a specific neighborhood or building, I use a letter writing campaign that’s been successful for many clients.  It’s not just any letter – it’s one that can work to get a response. 

Once we know exactly where you want to live, we can use this letter writing campaign effectively any time of year, even during the slower times of the year since so many sellers hold off from listing during the holidays.  There could be eager sellers who don’t want to wait!

4.) Being proactive vs. waiting around.  Sure, we could sit around and wait until something comes on the MLS (Multiple Listing Service), but this time, that strategy doesn’t typically lead to the best possible home for your criteria.  That’s why, it’s best to take an even more proactive stance when looking for homes when inventory is low. This includes calling other agents who specialize in certain areas or price points, contacting past clients, posting on community boards or groups looking for anyone who might have a home that fits a client’s needs.

As you can see, being more strategic and having a plan of action that is more proactive can work when inventory is typically low during this time. 

If you are looking to move during this very low inventory season, reach out so we can put some of these strategies and others I have as well to work for you!

Reach me at ccr@ccrsellsrealestate.com to start your homebuying journey or click below to set up a time for a quick chat!