“Inventory,” “low inventory,” “multiple offers,” “low,” “high,” “strong,” “new” — those words paint a clear picture of an unbalanced housing market, one where buyers are competing for too-few homes for sale. One major contributing factor to the state of the market is the fact that fewer homeowners seem interested in selling. But why?
- Most sellers are also hoping to buy, so they are facing the same market constraints as buyers.
- Housing supply has not kept up with demand because building has become increasingly expensive.
- Rising mortgage rates and equity concerns could be encouraging homeowners to stay put and renovate.
- Agents need to focus on educating clients (both buyers and sellers) and think outside the box when looking for listings.