It is difficult to find a place to live in this day and age. The housing inventory is low and people are looking for houses. The interest rates are low, which encourages people to buy homes.
The shortage of housing inventory has led home prices to increase not only from the increased demand but also from the lack of supply. What has made matters worse is the fact that credit standards have been tightened in recent years with more stringent rules on mortgages, and that mortgage rates are at their lowest point in decades (thus making it easier to qualify for a mortgage).
This means that if you can’t find an affordable house or apartment today, it will be even harder tomorrow because these conditions will continue making home prices go up.
Low inventory is a problem for buyers because it’s difficult to find homes in their desired area, price range, and condition. Home prices also rise as demand increases. Sellers benefit from a tight market because they can ask higher prices for their homes, but buyers suffer because they spend more on the home that they eventually purchase.
While the housing inventory typically goes up over time as some homeowners decide to sell and new houses are built, it could take several years before we see an increase in available units for buyers.
For sellers, you should know that this might be your best chance to get the most money out of your home since interest
If you want to know how to increase your chances in this market, and you’re looking for some guidance, you need a REALTOR in Montgomery AL to guide you right. Give me a call and lets get together to discuss your options
Britt Dowling, REALTOR – Wallace & Moody Realty
Montgomery AL REALTOR
334-530-3576
