Home prices have remained stable or even INCREASED during these challenging times. Here are a few reasons why.
LOW INVENTORY
With fewer homes available for sale, the demand for the available homes remains high, leading to stable
or increased prices. This low inventory is caused by various factors, such as a shortage of new home
constructions, increased demand from home-buyers, and sellers holding onto their homes due to
economic uncertainty.
HIGH DEMAND
The pandemic caused many people to reconsider their living arrangements, leading to increased
demand for larger homes or homes with outdoor space. This increased demand has put pressure on the
already limited supply of homes, driving up prices. With fewer new homes being built, the supply of
homes on the market remains low, leading to increased competition among buyers and higher prices.
Furthermore, the pandemic caused delays in construction projects due to supply chain disruptions and
labor shortages, exacerbating the issue.
RELUCTANT SELLERS
Many homeowners who may have considered selling their homes are hesitant to do so during these
uncertain times. This reluctance to sell has contributed to the limited inventory, leading to higher home
prices. Homeowners may be reluctant to sell due to concerns about the economic climate, uncertainty
about the future, and a lack of available homes to move to.
THE BOTTOM LINE
In the words of Warren Buffet, when people are fearful, it’s time to be greedy. In other words, right now is
the ideal time to get your home on the market while other homeowners abstain. Less competition equals
increased negotiating power for you, the seller.
Christy Vera CREN, ABR, SRS
christy@frontdoortx.com
512.720.1103
Search for homes @ http://www.frontdoortx.com/homes