06/10/2023
NAR announces that the U.S. Housing Market needs more than 300,000 affordable homes for middle-income buyers. What does this mean for buyers? Here is my prediction.
Prices will continue to rise: Markets with low availability of affordable homes will continue to see increased competition and bidding wars.
Market Dynamics: The shortage of affordable homes for middle-income buyers may contribute to a tighter overall housing market, leading to reduced inventory levels and a seller's market in certain areas.
Affordability Constraints: The housing affordability crisis may force some middle-income buyers out of the market.
If you are actively looking for a home and have not been able to find a home in your price range, what should you do?
Real estate is local: Consider shifting your focus to suburban areas or tertiary markets, where your dollars may go further.
Non-traditional strategies: Consider non-traditional paths to ownership, such as rent-to-own or seller financing.
Reevaluate your Realtor: Consult with your realtor and develop a viable game plan. In a market with limited supply, you will need a skilled realtor. An experienced and resourceful realtor will have the tools and knowledge to access additional inventory.
Do you know of anyone interested in selling a home? Need help finding your dream home or next investment property?
https://www.nar.realtor/newsroom/us-housing-market-needs-more-than-300000-affordable-homes-for-middle-income-buyers