Impending Housing Shortage in New Bern NC
Impending housing shortage in New Bern, NC.
With all the news about how bad the real estate market is I know you must think I have lost my mind when I predict a housing shortage in the New Bern, NC area.
The real deal is, it’s already here!
Using absorption rates( the time it takes to sell inventory), or turn rates it’s easy to predict how long it will take to sell a house based on how many there are available for sale.
A six months supply is usually considered a “balanced” market. In other words there is a demand and adequate supply for that demand.
In the New Bern market there is already a shortage of NEW homes priced from $160,000-179,999 and also from $180,000-199,999. In addition there is also an impending shortage of NEW inventory priced from $220-239,000.
I know you probably will not believe it but the numbers do not lie. We have under a 6 months supply for sale in all three categories.
The same principles can be used on existing homes for sale and this makes that free Competitive Market Analysis(CMA) obsolete.
All REALTORS® are not equal, so hire one that knows absorption rates, how to use them to your advantage and can get your real estate problems handled!
