Unpacking the Low Housing Inventory Puzzle
Have you ever wondered why finding a house feels like searching for a needle in a haystack? Well, you’re not alone. Let’s break this down in simple terms.
The Homes Are Missing!
First off, there aren’t enough homes for everyone who wants one. This isn’t a “just happening now” issue; it’s been going on for years. Why?
Not Enough New Homes
Imagine a bakery that doesn’t bake enough bread for the whole town. Builders haven’t been making enough new homes for everyone. Even though they’re trying to catch up now, we’re still short.
“Why Sell If Rates Are Low?”
Picture this: You’ve got a great deal on your car loan. Would you trade it in for a more expensive loan? Probably not. Many people feel the same about their homes. They’ve got good mortgage rates and don’t want to give them up. So, they stay put, and their homes don’t go up for sale.
Scary News Stories
Have you ever seen a scary movie and hesitated to enter the basement? That’s what scary headlines do to home buyers and sellers. The news says, “Housing crash coming soon!” or “Home prices will fall!” and people get nervous. But remember, the news loves drama. So, don’t let it spook you.
What Does It Mean for You?
- If You’re Buying: Options are limited. You might need to look at different neighborhoods or types of homes. An experienced realtor can help you find something that works for you.
- You’re Selling: Good news! With fewer houses out there, yours will get more attention. A realtor can also help you find your next place to live.
So, low housing supply has been a long game, and it’s due to many reasons. Whether you’re buying or selling, now is a good time to move. Need to know more? Let’s discuss your needs and what’s happening in our local area.