Homebuyers in Search of Space Will Face Historically Low Inventory
With many states finally opening up, some homeowners and renters can’t wait to move out of their cramped spaces. But when they start shopping around, finding the right home may not be easy, according to HousingWire. Even before the pandemic, the housing industry struggled with the lack of housing inventory, especially at the affordable end. Now experts predict that the low inventory will be the greatest challenge facing homebuyers as the country adapts to the pandemic and reopens its economy. In 2009, the nation had a 10 month supply of homes--now we have a 3 month supply.
With a decreased number of new home listings, what will happen when homebuyers re-enter the market this summer?
LendingTree says that 53% of homebuyers are more likely to buy a home in the next year because of the COVID-19 pandemic, with respondents saying they’re either tired of the small space they live in currently or don’t care where they live since they work remotely now.
Many even say they are ready to attend an open house again, according to a new survey from the National Association of Realtors, which found that 65% of people who attended an open house within the last year would do so now without hesitation.
Obviously, consumers are signaling a growing appetite for home-buying.