On Sept. 21, 2020, The Wall Street Journal released an article titled "Americans Want Homes, but There Have Rarely Been Fewer for Sale" and it discusses the real estates darkest issue: lack of inventory.
The reality is...
Even as new homebuyers enter the market for the first time, they are struggling to find a suitable and or available homes.
Nicole Friedman, the author of the article, wrote about the tension between buyer and seller saying that, "Buyers are accelerating purchase plans or considering homeownership for the first time, rushing to get more living space as many Americans anticipateworking from homefor a while. Many potential sellers, meanwhile, are keeping their homes off the market for pandemic-related reasons." This is new for all of us but the reality is, is that we need homes. Our clients are looking for homes to purchase...yesterday.
The total for-sale inventory is down 29.4% from a year earlier at the lowest level since at least late 2017, Zillow Group Inc. said.
Evan now as I work with clients to find homes... I am planning, scoring, and calling to find any 'off' market properties to provide my clients with the most amount of listings possible.
There are so many reasons for sellers to hesitate putting their homes on the market. From pandemic worry to added family members remaining in their homes, people are seeing their homes in a very new way, causing two very different responses: Move (upgrade/downgrade/add wfh space) or Stay Put (unknown future etc.).
For more information, Check out this article!
But the best thing in the long run is what is right for you!
Have you tried to buy or sell a home during the pandemic?
What has your experience been?