Emilie Broughton Real Estate Blog

Causes of Low Home Inventory

 

While the Wall Street Journal feels that the lowest mortgage rates since summer are
luring some home shoppers back to the market, they note that the problem is too
many homeowners, who have much lower rates, appear ready to sell. Home sales
are on track to be the lowest since at least 2011. But as mortgage rates are
retreating to below 7%, buyers are responding.

Although there is a lot of pent-up demand, homeowners who are locked in low mortgage
rates are unwilling to sell their homes right now. The situations that are currently
generating houses for sale are estate sales, homes owned by sellers who are
moving to other states, empty-nesters who are downsizing or families that are
moving into multi-generational homes to share costs. As mortgage rates continue to
slowly decline in 2024, inventory might creep higher.

Unfortunately, move-up sellers, who are holding on to start-up homes that would
appeal to first-time home buyers seem to be among the last to list, so that inventory
is increasing more slowly and you can expect bidding wars for properties that come
on the market in this category.

This entry was posted in Blog, Real Estate.
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About Emilie

A transplant from the Pacific Northwest, Emilie has first-hand knowledge of the ins-and-outs of first-time home ownership and remodel. She has become involved in the local art community and all the diversity Southern California has to offer.

Emilie’s passion to be involved in her community led her to become a licensed Realtor and Broker.  She continues to educate herself with different aspects of real estate to support clients with a variety of needs.  She is certified as a Military Relocation Professional (MRP) to work with U.S. Service families and veterans to find affordable housing solutions.

Having worked for both a small boutique firm and a company with a global presence, in 2023 she formed Emilie Broughton Real Estate to work with buyers, sellers, landlords and tenants in California and New Mexico.

Emilie represented her region as a California Real Estate State Director for three years.  She has served as President of the Pasadena Foothills Association of Realtors and is a seven-time recipient of the Five-Star Real Estate Professionals Award for the outstanding service she provides to her clients.

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