Will Supply Catch Up With Demand?

We've posted many times over the past year about low inventory levels in the U.S. housing market, but exactly how big of a shortage is there of available homes for sale? After crunching the numbers for the first time, Freddie Mac released their recent analysis and estimates that the U.S. housing market would need to add 13.8 million single-family homes in order to meet the current demand. That's a 52% increase in the nation's home shortage in just three years. 

Builders are racing to catch up and new residential construction saw an increase of over 19% in home starts, just since February. But with interest rates remaining historically low and more first time buyers in the market than ever before, catching up may be hard to do!

So what if you're a buyer trying to navigate this tight sellers market? Be prepared! Working with your lender ahead of time and being ready to make an offer with your agent when the right home pops up is key! With more and more multiple offer situations happening, there's no time to "sleep on it" anymore!

If you're thinking about buying or selling a home, give us call, we'd love to help!

Sources: 
www.floridarealtors.org
www.businessinsider.com