Why are there so few homes for sale right now? The reason is twofold.

The big thing buyers are worried about is the supply of homes on the market. Where have they all gone? In short, they’ve all been bought, but the issues are really twofold. Interest rates are super low right now, which has been keeping demand strong.

“Rent is up to a level where a mortgage payment is more affordable.”

The pandemic has also played a role. A lot of sellers are waiting it out until they get a vaccine, so that has stalled the market out a bit. I think we will start seeing more sellers bring more inventory to the market in late summer and fall.

One other thing I wanted to mention is that buyers are being driven to the market not only by interest rates, but also by rent increases. Rent is up to a level where a purchase makes more sense on a per-month basis in most cases.

If you have any questions for me about the market or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.