April 10th, 2017 5:02 PM by Nour Ailan
Home inventory has dropped for eight consecutive quarters, making it harder to find a home, according to Trulia’s research. “In 2017, homebuyers are up against a very competitive market, where there are fewer homes for sale that cost more than they did last year,” says Trulia Senior Economist Cheryl Young. “The Trulia Inventory and Price Watch found that housing inventory hit its lowest level on record, having fallen by 5.1% from a year ago.”
Hit hardest? First-time homebuyers. There’s a larger inventory of trade-up homes and luxury homes than starter homes. As prices rise, people who might have been looking for a luxury home may now be in the trade-up market. Those who would have been in the trade-up market are buying starter homes or hanging on to the homes they already have. This means first-time buyers have to put in extra effort to land a home.
Understanding the current real estate market can keep you from being blindsided. “Short supply is the dominant issue this spring,” says Bruce Ailion, an Atlanta, GA, real estate agent and attorney. “Homes that are priced at market and are in attractive condition sell in days.” Act quickly when you find something you like, and be flexible with seller requests, he advises — two tactics that can help you buy a home in a competitive market.
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