02/03/2022
The truth is, we’re in the ultimate sellers’ market, so real estate is ultra-competitive for buyers right now. The number of buyers searching for a home greatly outweighs how many homes are available for sale. Here are a few reasons why:
New home construction fell behind for several years - For the last 13 years straight, builders haven’t constructed enough homes to meet the historical average. That underbuilding left us with a multi-year inventory deficit going into the pandemic. 😲
The pandemic’s impact on the housing market - When the pandemic hit, having a safe space to live, work, go to school, and exercise became more important than ever. As mortgage rates dropped to below 3%, buyers entered the market to capitalize on those low rates. At the same time, sellers hesitated to put their houses on the market as concerns about the pandemic mounted. The number of homes available for sale dropped even further. 🙌
If you’re planning to buy this year, the key to success will be patience, given today’s low inventory. Let’s connect to discuss what’s happening in our area, what homes are available, and why it’s still worthwhile to prioritize your home search today. 🏡
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