Why Are There Still So Few Homes on the Market
January 28, 2022
I know the one of the main question on every buyer or potential buyer's mind right now. Can you guess what that question is? Well let me just tell you. The main question on everyone wanting to buy, looking to buy, or even thinking about buying is: Why are there still so few houses on the market? Let’s be real for a minute we are in the ultimate sellers market and we have been for a while now! The number of people looking to buy is so much larger than the number of available properties on the market. This ultimately makes the market perfect for sellers and so very competitive.
This is definitely an ongoing challenge for a lot of people but let's dig into why it is still so hard to find homes for sale?
One major reason is that new construction fell behind for several years. Since the housing crash in 2008 the new construction of homes drastically fell off. Part of the reason for the housing crash was that there were way too many homes built and then there was a huge over supply. But statistics show now that in the last 13 years or so the construction of new homes has not been able to keep up with the supply needs. This has left us in a major deficit when the Covid pandemic started.
The second reason that there are so few homes on the market is the pandemic. When the pandemic hit it forced the vast majority of people to be confined to their homes. It also raised a new value and appreciation for one's home. Homes all the sudden provided the most safe space to not only live but to work, do schooling, and even exercise. So in short a person’s home became the single most important thing all across America.
So what does this mean now for you if you are looking to buy? The inventory challenge is still there and there are still very low numbers of homes on the market in comparison to years before. However, I will encourage you to not let that deter you too much from continuing your home search. Persevere through this challenge and be patient but diligent. Find yourself a great real estate professional who knows what you are looking for in your search. Then just keep at it and keep digging until the perfect home comes along. I will help you and together we will get you into the home of your dreams! I want to be YOUR realtor!