We all know that our inventory is tight, tight, tight. It's hard to find a home to purchase. In the price category that everyone else is looking in that is!
Quick read of 'Why The Housing Market Is Struggling With Low Inventory' on Housing Wire today...and two very valid points were presented!
1) LOW INVENTORY ~ One of the main reasons for low inventory, is, ironically, the fear of low inventory. Homeowners are hesitant to put their home on the market as they are unsure if they will be able to find a new home in their budget once they sell theirs.
Totally understandable! But, get out there and look at what's available before you list your home. Make sure you see a few homes that are interesting for you. Don't make your replacement home desires an impossible wish though. Just like a first time buyer, get 7 out of 10. That should be achievable!
2) MORTGAGE RATES ~ As mortgage rates rise, homeowners are less likely to put their homes up for sale because they don't want to forfeit their current low interest rate.
Oh yes, totally get this one too! But, go to your trusted mortgage adviser and have them run numbers for you. See what the difference is. Decide if the next home you desire is more financially feasible than you are worried about. You just may find that an extra 50 bucks a month is worth it!
There were a couple of other points...but these were so good I had to share!