As home values continue to rise, you would think more people would start listing their homes to cash-in on their equity gains. After all, how much higher can the prices go before we get another collapse and everyone loses their equity again? However, low inventory is a self-perpetuating problem. When there aren’t enough properties for people to buy after selling their current homes, they invariably stay where they are until more options become available. How can inventory increase if people aren’t listing their homes? Something’s gotta give right?
I do want to mention that this analysis really only applies to low to mid-level markets. In the luxury home market, prices are a little softer and inventory is higher.
Buyers want to take advantage of the low mortgage rates, but competition for the small amount of available homes is making it tough for them. Buyers are getting frustrated, because they aren’t able to find updated homes…..in their preferred locations……. within their budgets. Our advice is to be patient, hire a realtor that knows the market and will work diligently to find your home, and keep an open mind with regard to purchasing a home that might need some renovations. We can recommend reputable and talented general contractors, and of course Deana can assist with interior design.
Please feel free to contact us with any questions or requests you may have. You can submit your inquiries to us directly from our contact page, or you can email us at firstname.lastname@example.org and call us at 001-561-445-1846.