Unexpected Home Shortage Creates Frenzy Amongst Buyers
Recently, the housing market has started to see a glimmer of hope since the crash in 2008. In the past four years many aspects of real estate have changed but perhaps one of the largest unforeseen changes is the current lack of homes for sale. Previous years have been prone to hesitant buyers but now the tides have turned, and hestiancy has turned into urgency.
With the poor economy and extremely low rates, some people have been waiting for this type of buying environment. For those who have waited out the low rates, they have assumed that finding a home would be quite simple. Unfortunately though, it has been quite the contrary. The number of homes listed for sale in April fell 35% in Los Angeles County”. In order to combat the shortage, buyers and listing agents alike have become more savvy in their practices. Buyers, have taken on to finding homes and making offers before a home is on the market and agents have even gone so far as to take classes on how to win a bidding war.
The recovery remains tentative but the market has grown competitive because sellers feel they have time on their side, while buyers feel a sense of urgency given low interest rates and relatively cheap prices compared to the bubble years.” Home owners remain hesitant to put their homes on the market despite the recent uptick in prices. For the time being, it seems that buyers and agents need to stay on their toes to snatch the perfect home.
