Why is there such a low inventory of homes for sale? This article addresses and answers this question. Basically, there are three main reasons. First of all, builders have been building less than needed over the last fourteen years. People are living in there homes longer. And, the main reason. A huge percentage of homeowners are sitting on historically low interest rates. They can't justify exchanging a 3% or lower mortgage rate for a 7% rate. So, they stay in their homes.
Explaining Today’s Low Housing Supply [INFOGRAPHIC]
Some Highlights
- Wondering why the supply of homes for sale is limited today? There are a few factors at play.
- Lack of building over time, the mortgage rate lock-in effect, and people staying in their houses longer are three of the main reasons why supply is low.
- But real estate agents know exactly where to look and what to do to make your dream a reality. Let’s connect so you have an expert on your side to help you successfully navigate the market and find your next home.