The Issue: A Lack of Inventory
There is a real lack of home inventory, so it may take longer to find the right home for you. But your efforts will likely be rewarded.
Recently, the number of new construction homes were not keeping up with increasing demand, especially from those under 35 years old. And the pandemic has made the shortage of housing even tighter.
It's HOT out there!
The housing market is hot and forecasted to show strong gains into the future. In my local market (Northern Virginia) we are anticipating appreciation of 4.3% over the next 12 months and 21.3% over the next 5 years. This is pretty common with very similar numbers across most markets.
Stay with it!
So while it might take a little more persistence to find your next home, stay with it and don’t get discouraged because the financial opportunity is significant.
Many sellers won’t let you into their home without a pre-approval letter. So contact me to have that in hand to increase your chances of reaching the home of your dreams.