The OpportunityThis lack of homes for sale is creating a challenge for many buyers who are growing frustrated in their search. On the other hand, this is a huge opportunity for sellers as low supply is driving up home values. According to CoreLogic, the average home has appreciated by more than $50,000 over the past year. And for many homeowners, that’s opening new doors as they re-think their needs and use their equity to move up or downsize. According to Dr. Frank Nothaft, Chief Economist at CoreLogic:
“The average homeowner with a mortgage has more than $200,000 in home equity as of mid-2021.”Today, many sellers are taking advantage of low interest rates and the equity they have in their homes to make a move.