By Tori Sheridan
All across America excited home buyers enter the market to be met with the stress and disappointment of the low housing inventory that's affecting markets nationwide. While it may take some time for inventory to rebound, here are a few contributing factors and ways that you can increase your odds of finding the perfect place to call home.
Contributing Factors to Low Housing Inventory
Interest Rates
Interest rates dipped to record lows and many homeowners refinanced. Most homeowners locked in these low rates and are reluctant to sell. Instead, they’re choosing to wait until the market stabilizes.
New Home Builds
Building materials skyrocketed and there was a lack of skilled tradespeople to build new homes.The lack of new construction homes built in recent years contributes to the low inventory we see now.
Millennials Entering the Market
Millennials have surpassed the Baby Boomers as America’s largest living generation. They are now of home-buying age and with Gen Z right behind them, the demand for housing will most likely remain tight.
3 Things You Can Do to Increase Your Chances of Finding Your Next Home
Work with a Realtor
Realtors not only have access to the Multiple Listing System, but they also have a pulse on your local market and a network of agents that they communicate with on a daily basis. They will get the inside scoop on what’s coming to market and will make sure you are first through the door when showings start. Realtors also usually have “pocket listings”; sellers who do not want their homes on the internet, but will still entertain showings & offers.
Life Events
Births, deaths, divorces, and job changes are all major factors in making the decision to move. If you know someone considering selling, it never hurts to ask if they’ll sell off-market! Network with family and friends to see if they know anyone who may need to list their home.
Narrow Your Search & Get to Know the Neighbors
If there’s a particular neighborhood you want to be in, get to know the neighbors and get the inside scoop on who might be thinking of moving.