Patience is Key in This Housing Market

The trend this year seems to be among buyers “why is it so hard to find a house” Well one of the answers is we are in the ultimate sellers’ market, which means the market it very competitive for buyers right now.

Though buyer shouldn’t be alarmed. Low inventory in the housing market isn’t new, but it is becoming a lot harder to navigate.  Danielle Hale, Chief Economist at realtor.com, explains:

“The housing market is still relatively under supplied, and buyers can’t buy what’s not for sale. Relative to what we saw in 2017 to 2019, March 2021 was still roughly 117,000 new listings lower, adding to the pre-existing early-year gap of more than 200,000 fresh listings that would typically have come to market in January or February. Despite this week’s gain from a year ago, we’re 19 percent below the new seller activity that we saw in the same week in 2019.”

Though many homeowners have put a pause on their plans to sell their home during the height of the pandemic, the main driver of the decline in homes for sales is the construction of single-family homes. Even before the spike of the COVID-19 pandemic the housing market was already set to face a substantial supply shortage.

The good news is builders are working to get us back in the green by privately-owned housing units authorizing building permits at an adjusted annual rate, mean both single family and multi-family units has ramped up.

So long story short if you are planning on buying a home this year you’re key to success is patience!