You've probably been hearing it for over a year now: housing supply is low - really low. Rather than repeat the message, we want to share factors contributing to this competitive market:
The pandemic has had a large impact on the typical behavior of buyers and sellers. Homeowners - many who fall in the Baby Boomer generation - may be at a higher risk for Covid and have been hesitant to put their home on the market:
Government-mandated mortgage forbearance has kept millions of Americans in their home who would've otherwise has to sell or foreclose.
Rising construction material costs and building restrictions have caused new construction to slow in recent years.
Historically low-interest rates have incentivized many homeowners to buy without selling, either keeping their current home or buying a new home to use as an investment property.
The lack of inventory itself has created a lot of 'would be' sellers who have stayed put, being concerned that they wouldn't be able to find a new home once they sell. That's where 8z Bridge comes in.
Bridge: The Modern Way to Buy Before you Sell. Never miss out on a great home because you haven't sold your current one. Here are just some of the benefits:
Become a Cash Buyer - Make the best possible offer on your next home without rushing to sell first.
Skip the Showings - We'll handle cleaning, listing and showing your old home while you relax and enjoy your new one.
Sell for Maximum Value - List your old home on the open market, so it sells fast and for top dollar.
Some Light at the End of the Tunnel? With the ongoing rollout of vaccines, a recent Zillow survey found that millions of homeowners are much more likely to move, obviously feeling safer about allowing buyers into their homes for showings and open houses. And with the pandemic subsiding, people will gain more certainty about remote work and where they will be able to live going forward. Additionally, nationwide mortgage forbearance is scheduled to end in June, which will likely bring a delayed wave of homes to the market. It's also an amazing time to sell in this market, which may encourage some homeowners and investors that have seen steep appreciation over the past few years to become sellers. And on the flip side, many experts expect rising mortgage rates will eventually slow demand from buyers, which would greatly help return the return of supply into the market as well.
Let me know if I can answer any questions, be of help to your situation.
All my best,
8z Real Estate