Why is it so hard to find a home to buy? That’s been the question on most home buyers’ and sellers’ minds for the past year. A few factors have contributed to the low supply and high demand for homes over the past year. Here are the top factors driving the current housing demand:
1- During Covid, many people were forced to stay at home. This influenced them to start looking for new homes with better amenities.
2- Usually, new construction helps supply meet demand in the housing market. But with the spike of demand post-Covid, new construction could not keep up. Supply chain issues hindering construction companies from receiving the materials needed to stay on schedule only added to this problem.
3- Due to the low mortgage rates, many homebuyers are purchasing their second home, so they are not generating new listings.
4- In highly competitive markets like this Phoenix-Metro, homeowners are hesitant to list their property before being under contract on their new home.
But don’t let these factor sway you from house hunting…the Sibbach Team offers unmatched service to find your next dream home despite the current challenging real estate market. Call or text today to get started! 480-500-1738