Home Inventory Falls Fastest Pace in Four Years, Making Now the Time to Buy Before Prices Skyrocket
In May, the number of homes for sale dropped at its fastest pace in almost four years, according to an article from Zillow.com. As the article notes, this is one of the reasons why home prices have been, and will likely continue, to soar.
In April, the most recent month accounted for, homes stayed on the market for only 77 days. That’s the fewest days that Zillow has ever reported. In May, homebuyers had 9.4 percent fewer homes to choose from than they had the same month last year.
Historically, low inventory tends to increase competition for homes, which leads to increasing prices. For example, Tampa’s inventory dropped 17.6 percent in May, as the home values increased 10.5 percent.
According to home value data from Zillow.com, values in Lake Worth are still below their peak of 2008, but are expected to go higher due to inventory constraints.
So if you’re interested in buying a home in Lake Worth, now’s the time. Those who wait may get locked out of the market by record-high values and increased mortgage rates.
Buy a Townhome in Lake Worth Now
If you want to buy a home in Lake Worth while prices are still affordable, Colony Reserve is the perfect option. The spacious townhomes offer more luxurious standard features than the competition, at a price they can’t compete with.
Colony Reserve also includes resort-style amenities, residence lawn maintenance, on-site management, and maintenance personnel as part of the low HOA dues.
To see for yourself why the townhomes at Colony Reserve are the best value in The Palm Beaches, visit the Sales Office today at 5299 Lantana Road, Lake Worth, FL 33463.