If you’re a homebuyer, patience is key.
Today I’d like to talk about the need for patience if you’re buying a house. Today’s buyers are frustrated because there just aren’t enough homes available in this hot seller’s market. But why are there so few homes on the market right now? Well, there are a couple of reasons.
First of all, many sellers kept their homes off the market during the pandemic. Now that things have calmed down somewhat, more and more sellers are opting to list their homes. However, the biggest reason for the shortage of homes is the low construction of new homes. Freddie Mac recently said, “The main driver of the housing shortfall has been the long-term decline in the construction of single-family homes, especially starter homes.”
At 0:59 in the video above, you can see a graph that shows how many homes have been built in each of the last five decades. In the most recent decade, you’ll notice a huge shortfall in the number of homes being built. Freddie Mac went on to say that it would take us about four million new home builds to get us back to a regular market. The good news is that builders are hard at work to fill the gap in demand.
If you’re looking to buy a home, the key to success is to be patient—you will eventually get your home. Here in the Greater Dayton-Cincinnati area, we on the Tami Holmes Real Estate Team sell more than 400 homes a year. We frequently hear of new homes that are coming on the market but just aren’t quite there yet.
If you want us to let you know about these properties, give us a call. We can help you get an advantage on your next home purchase.