To all the agents in the house,
For many of you that I've corresponded with, there was an inflection point earlier this year when joy over high home sales gave way to frustration over the lack of inventory. For some, that frustration hit a boiling point.
"This is sick and I want this to end," said Sharon Aubuchon of RE/MAX Premier Property in Prairie Village, Kansas. "It is like ten kids fighting over an ice cream cone. One kid will give $4 instead of $1. One kid will give his parent's car."
Agents, you know this. And because you know and have experienced this for months now, what evidence is there about how this has affected your profession's psyche? Are new agents discouraged beyond belief? Do you see less rhyme or reason in who gets a new commission payday?
What you may also know is talk that the worst is over, and inventory is rebounding. Realtor.com seems to have led the charge here, publishing reports that inventory is up. Yes, inventory was actually down 3% in the past week, their latest report reads. But that's probably because of the 4th of July weekend, Realtor.com said, noting inventory nationally has ticked up 12 of the last 15 weeks.
Inventory was also up 11% in June compared to May, according to the home listings website.
And HousingWire lead analyst Logan Mohtashami predicts a forthcoming increase in inventory. Echoing some agents at last week's Gathering of Eagles conference, Mohtashami says that buyers are fatigued and discouraged by escalating home prices.
(One other factor he mentions that deserves note: The lifting of foreclosure and eviction moratoria. I don't know of a way to elegantly say, "Great, someone is finally going to be kicked out of their house, so it will probably go on market!" But lifting of those bans may, indeed, increase inventory.)
Agents, what do you think? Are you seeing a let-up in low inventory in your market? And is this let up enough to reverse some of the worst aspects of the inventory crunch, such as discouraged colleagues and nervous buyers? Please send me your thoughts anonymously, mblake@housingwire.com.
Sincerely,
Matthew Blake
Senior Real Estate Reporter
EmoticonEmoticon