Lack of inventory creating difficulty for home buyers
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GAINESVILLE, Fla. (WCJB) - The housing market is the strongest it’s been in decades but a lack of inventory is creating challenges for home buyers.
A shortage in new home construction and homeowners looking to sell has led to an increase in housing prices, both locally and nationwide.
Local real estate agents say that for people looking to sell their homes, now is the best time to do it. However, buyers need to be more strategic in their efforts and look for more off-market properties.
“It’s very frustrating right now for buyers because many buyers are having to make offers on multiple properties in order to get one. You know, right now, when a house that’s in good condition hits the MLS, a buyer has about less than 10 percent chance of actually getting the house,” said Craig Wilburn of Team Dynamo-Keller Williams.
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Wilburn also added that the COVID-19 pandemic has done very little to weaken the housing market currently, although he expects it’ll have a bigger impact down the road.
“The housing market is just so strong right now that COVID was more of a speed bump. It was something that slowed us down for about a month and a half, but then once everything kind of settled down a little bit and we got an awareness of what was going on, we found that there were a lot of people really looking to buy houses.”
With COVID-induced loan forbearance likely to be lifted later this year, he expects many people will be forced to sell their homes, and in turn, even out the market.
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