Industry leaders should keep an eye on this trend because it suggests that there may be a window of limited inventory growth and potential promising investment opportunities next year.
The increasing usage of remote viewing, 3D tours, and other digital options appears to be complementing the services of a real estate agent rather than replacing them as 82% of sellers used an agent to sell their home.
The September housing data release reveals that homes are still selling at a brisk pace and listing prices continue to grow steadily over the previous year.
Texas is an illustrative example of a state in which home values hardly, if at all, explain real estate tax bills faced by homeowners. While Texas ranks 27th in the country for average home values, it is 10th in average real estate taxes paid.
Inventory in San Diego is at an all time low, whereas inventory in Denver is up 107% (about double) from the all time low in March of this year. Las Vegas inventory is up 74% from the record low in April.
Contractors are more open to trying alternatives. Even if the substitution is more expensive, price is secondary to availability. But sometimes there is no option but to wait.
