Low inventory numbers have entry-level buyers scrambling as empty nesters are reluctant to sell.
Home inventory in the U.S. has dropped to its lowest levels since 1999 according to Trulia.com, a San Francisco-based real estate research site. Even though the U.S. has seen more than three years of a booming seller’s market for housing, there are plenty of Americans who are reluctant to sell their homes for a very simple reason: Where are they going to live?
The supply numbers are down 5.8% from a year ago and have declined year-over-year for the past 14 months. That compares to a more typical supply of 6 months in a healthy market, according to Trulia.Not only does the low housing inventory mean a bidding war for buyers, but sellers who may want to move to a smaller home and stay in the same market are quite often stuck because of the rise in prices for smaller homes that are being fought over by both first-time buyers and downsizing empty-nesters
“Although buying a home in a strong seller’s market can present lot of challenges, it is possible to secure a place you’ll love” Sandy Flores Broker, Leading your way Home!