If you’re looking to purchase a home and it seems like there aren’t many options on the market wherever you’re hoping to put down roots, you’re not alone in your observations nor in your predicament. According to Realtor.com, there are 20 percent fewer residential real estate listings on the market this year when compared to this time last year.
Certainly, the market isn’t performing in the same way in every state, city and neighborhood in the U.S. However, there are some basic truths affecting aspiring buyers and sellers across the board, and a recent, significant inventory crunch is one of them.
Often, when there are few houses on the market, it is because it is a seller’s market. Buyers are simply so anxious to snap up available inventory that listings don’t remain active for very long. This isn’t exactly what is going on now, though. It is neither a buyer’s market nor a seller’s market currently.
Interest rates that keep creeping upward, the lingering effects of significant inflation and a historically low vacancy rate indicate that at least for now, people just aren’t moving. Homes aren’t particularly affordable, so even those that are on the market tend to linger there because few aspiring buyers are willing to pay sellers’ asking prices. It might be considered a “lose-lose” situation.
With that said, there are some gems to be snatched up in virtually any market as long as you know where to look and how to negotiate favorable closing terms. This is where seeking legal guidance can be particularly helpful for those highly motivated potential buyers who are ready to move, regardless of what the broader market is up to.