Author bio section

I am the author of this blog and also a top-producing Loan Officer and CEO of InstaMortgage Inc, the fastest-growing mortgage company in America. All the advice is based on my experience of helping thousands of homebuyers and homeowners. We are a mortgage company and will help you with all your mortgage needs. Unlike lead generation websites, we do not sell your information to multiple lenders or third-party companies.

Aspiring homeowners are likely to come hard once the Coronavirus scare recedes but real estate marketplace Zillow feels that housing inventory shortage may obstruct any possible sales rebound. 

Its Weekly Market Report reveals a drop of 17.1% in inventory compared to the same time last year. Over the week, it has fallen by 0.4%. Houses which are on for-sale supply also took a beating in many of the top 35 metros. The figures show a 35% dip in Cleveland, 36% in Seattle, and 34.4% in Philadelphia.

To paraphrase Skylar Olsen, Zillow’s senior principal economist, homebuyers weren’t expected to hit the market this soon. Coronavirus was likely to have kept them away for longer. In the event of arriving sooner than expected, they found a shortage in housing inventory because unlike the buyers, the sellers looked more uncertain at this stage. 

Taking a cue from the buyers, the sellers have topped their game and this reflects in a hike in the new listings. Mrs. Olsen also asks whether the housing industry will have the legs to keep growing once the Coronavirus-triggered sales rebound passes over. Personally, she anticipates that in months to come, the economy will run in sync with the general economic downturn. 

Related Posts

  • 84
    The housing market is in hot momentum. The median price of America’s single-family home is sitting at $354,000 this week. This is 9% higher than at the same time last year, and fractionally more than the week prior. As the things are spread out, it is likely that we will…
    Tags: market, drop, housing, week, time, year, inventory, listings, homes, will
  • 83
    Drop in New Listings Reveal Inventory ShortageThe housing industry appears to be the only silver lining in an otherwise hampered broader economy. The squeezed inventory could however start affecting real estate shortly. While the new-home sales rose by 8.3% annually in August, new-home listings dropped by 4.1%, says Redfin. The fall in listings was 3.8% in…
    Tags: listings, inventory, homes, industry, sales, market, drop, shortage, housing, economy
  • 83
    Housing starts have performed below expectations in August, signaling lesser construction of apartments. This does not bode well for the broader economy because the housing industry is one of the few ignitions it has in the corona-infested 2020. Residential starts have come down by 5.1% compared to July, says a…
    Tags: housing, economy, report, industry, compared, homes, senior, economist, months, sales
  • 68
    Fixed term mortgage rates have broken another record low period. While on the rate side, this is great news for consumers wishing to buy a new home, it does not sound as appealing when taking into stock the low homes for sale inventory in California. The other dampener in the…
    Tags: mortgage, homes, inventory, market, sale, buyers, news, year, listings, sellers
  • 67
    The Coronavirus-related moratorium has resulted in mortgage foreclosure activity posting an 83% deficit over its performance a year ago, says Attom Data Solutions. Compared to June, the numbers reveal a 4% decline. Over the first 6 months of the current year, the mortgage foreclosure activity has been 44% lesser than…
    Tags: year, mortgage, compared, months, time, feels, will, topped, supply, homes