Why is housing inventory so low, and when will it improve? Let’s talk about it.Hey there, Jenevieve Croall here with JLUX Homes. Right now, we are in a sellers’ market, so there is intense competition for buyers. The bottom line is that there are far more buyers searching for a home than homes for sale. So why the big shortage? We can attribute the shortage to a few things…The first reason is that New home construction has fallen behind despite a continuously increasing population. Builders have not been able to build enough homes to meet historical averages for 13 straight years. Another factor for the shortage is the pandemic. Under lockdown, inventory plummeted to record lows, as sellers stopped putting their homes on the market, while buyers quickly snapped up the few that were still available. At the same time, 2020 mortgage rates sunk to levels not seen in a generation and buyer demand skyrocketed, with eager millennials willing to pay top dollar for the shrinking number of available homes.So when will the shortage end? There is good news! Experts predict that more homes will soon be available due to sellers reentering the market. And while inventory should keep moving upwards, don’t expect a sudden surplus any time soon.Buyers can also expect to have a little more luck finding a new construction home this year, but supply will still be pretty tight. But you shouldn’t put your plans on hold just because the market hasn’t stabilized yet. Waiting could cost you as interest rates will likely increase, and home values will continue to rise. Contact us today for a complimentary consultation. As your trusted advisor, I will help you navigate today’s low housing supply while still reaching your real estate goals. I look forward to serving you.
As the cost of lending rises and house prices continue their upwards momentum, things have accelerated faster than most people predicted in the first quarter of this year. So what can we expect from the spring and summer housing market? Will this trend continue, or is there a reversal coming? Hey there, Jenevieve Croall with […]
Mortgage rates have just hit a 12-year high – clocking at more than 5.5% in the last few weeks. It’s not where the rates are at that has me taking notice – it’s how quickly we got here. So, the million-dollar question is, will this trend continue, or will interest rates finally start to cool […]
Did you know if you repurchased a house in 2002, it’d be worth more than twice what you paid? That’s right. Despite a financial crisis and the pandemic, home prices have continued to increase, climbing by 106% in just two decades! Hey there, Jenevieve Croall here with JLUX Homes Realty Group and I’d like to […]