Not enough supply to meet home shopper demand
(ABC 6 News) – If you’re looking to buy a house, you’ve probably noticed how competitive the housing market is right now.
That’s because of inventory. The problem is there are not enough houses for people who are looking to buy. And for those looking to sell, they also need a place to go. Add that on top of supply chain issues, a pandemic, and inflation, and it makes things a lot harder.
"With inflation being on the rise, and interest rates starting to go up, we’re still at historic lows," said Drew Fleming, a broker associate and the owner of North House.
"We’re not at a sub 3%. We’re still at really good interest rates. People are having to decide, is now the time to move? Do they do a remodel? Once again with inventory being so low and people needing a place, to you know, to move into to buy, there’s still a lot of people out there buying."
Fleming said to know what you’re looking for. If you see a house that catches your interest, don’t wait. It could sell in a matter of days.